Dear Reader,

Gold just surged past $4,200 an ounce. 

Up almost 25% in the last six months. 

And 45% in the last year. 

But we believe this is just the start. 

Weiss Ratings’ in-house gold expert Sean Brodrick … who has been tracking precious metals for over three decades … believes gold could surpass $6,900 very soon. 

However, here’s what Sean knows that most people don’t …

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The best part? You don’t need to buy a single gold coin to have a chance at gains like that. 

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With gold at record highs right now and showing no signs of stopping, this opportunity is heating up fast.

Don’t delay. 

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Chris Hurt,
Weiss Ratings

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Special Report

Why Silver Beat Gold and the S&P in 2025—And What Comes Next

By Jeffrey Neal Johnson. First Published: 12/1/2025. 

Key Takeaways

• The shift toward efficient solar technologies is increasing the demand for silver, which is used in global green energy production.
• The iShares Silver Trust serves as a primary vehicle for investors to gain exposure to the metal during periods of tight global supply.
• A supportive Federal Reserve and new government designations for critical minerals are creating a strong foundation for higher prices.

While the financial world has been captivated by the volatility of cryptocurrency and the steady march of gold, a different asset has quietly taken the lead in 2025. Silver, often dismissed as the volatile younger sibling in the precious metals family, is beginning to shed its reputation as the poor man’s gold.

Year-to-date (YTD), silver has gained roughly 95%, significantly outpacing gold’s roughly 60% rise and far exceeding broader S&P 500 returns. A rare convergence of factors is driving the move: aggressive industrial demand, shrinking global inventories and shifts in monetary and trade policy.

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For equity investors, the iShares Silver Trust (NYSEARCA: SLV) has become the primary vehicle to participate in the rally. Closing around $51 at the end of November, SLV has closely tracked the metal’s ascent, offering a liquid entry point into a physical market that is becoming increasingly difficult to navigate.

The Thanksgiving Squeeze: A Wake-Up Call for Markets

The fragility of the global silver market was on full display at the end of November. A cooling-system failure at a CyrusOne data center disrupted operations at the Chicago Mercantile Exchange (CME), causing a ten-hour trading halt on the Comex silver futures market.

With electronic trading screens dark, physical hubs in London and Shanghai set the price. Spot silver spiked to $56.72 per ounce, underscoring that deliverable, physical silver is in critically short supply. The outage illustrated a basic but often overlooked fact: when paper markets pause, the physical market can rapidly reassert itself and expose real inventory constraints.

For holders of SLV, which is backed by allocated bullion in vaults, the episode highlighted the value of an asset tied to physical metal. When liquidity dries up in the paper market, the premium on physical ownership can expand quickly.

Solar Power and the End of Thrifting

Behind the headline price moves lies a less glamorous but powerful reality—the world is consuming more silver than miners are producing. 2026 is on track to mark the fifth consecutive year of a structural supply deficit, with the Silver Institute projecting a shortfall of nearly 95 million ounces. That brings the cumulative deficit since 2021 to about 820 million ounces, roughly equivalent to a full year of global mine production.

Historically, rising silver prices have prompted manufacturers to “thrift”—reduce the amount of silver used in products to save costs. But a major technological shift in the solar industry is countering that tendency.

Producers are moving from older PERC cells to more efficient TOPCon and Heterojunction (HJT) technologies. Older cells used about 10 milligrams of silver per watt; the new high-efficiency cells require roughly 13–22 milligrams per watt. That means the solar sector needs more silver even as prices rise, and with Shanghai warehouse inventories at decade lows, there’s little buffer to absorb the growing industrial demand.

How SLV Tracks 500 Million Ounces

For investors who want direct exposure to the silver price without the logistics of storing bars, SLV remains the market heavyweight. Unlike miners—which face operational risks such as strikes, cost inflation and production variability—SLV is a passive grantor trust whose objective is simply to track the spot price of silver bullion, minus the trust’s expenses.

As of November 2025, the trust managed about $27 billion in assets, backed by roughly 501.9 million ounces of allocated silver held in London and New York vaults. To put that scale in context, SLV’s holdings represent approximately 60% of an entire year’s global mine production, making the ETF effectively a strategic stockpile.

The fund’s size also makes it an important gauge of institutional sentiment. Recent data show short interest in SLV near 9.63% of the float. In a strong uptrend, that level of shorting can amplify rallies: as prices break resistance levels (like the move above $50), short sellers are often forced to buy to cover, creating a feedback loop that pushes the price higher.

With an expense ratio of 0.50%, SLV offers a cost-effective alternative to individual ownership, which typically carries higher premiums and storage fees. For fundamental investors, SLV remains one of the purest, most liquid ways to access the market dynamics of a tightening physical supply.

Rates, Ratios, and Critical Minerals

Beyond supply and demand, macro conditions are providing a tailwind for precious metals. Markets are pricing in roughly an 85% probability of an interest-rate cut at the Federal Reserve’s Dec. 9–10 meeting.

Lower interest rates tend to weaken the U.S. dollar, making commodities like silver less expensive for overseas buyers and boosting global demand.

Silver also looks undervalued versus gold. The Gold/Silver ratio — how many ounces of silver it takes to buy one ounce of gold — currently sits near 77, versus a historical average closer to 60. For the ratio to revert toward its norm, silver would need to significantly outperform gold.

Perhaps the most consequential long-term development is trade policy. The U.S. designated silver as a Critical Mineral in late 2025, and new probes under Section 232 of the Trade Expansion Acthave raised the specter of tariffs on imported metals.

The United States imports roughly 64% of the silver it consumes. The threat of tariffs has prompted precautionary buying—about 75 million ounces have flowed into U.S. vaults since October—effectively putting a floor under prices as strategic stockpiling competes with industrial demand for limited supplies.

Volatility, Opportunity, and the New Normal

The recent surge in silver is not just a trader-driven short squeeze; it reflects years of underinvestment in mining colliding with a rapid increase in industrial usage. While the climb to record levels can create short-term volatility as traders take profits, the fundamental floor for prices appears to have risen.

With critically low inventories, a shift to silver-intensive solar technologies, and a macro backdrop that may include lower interest rates, silver seems to have entered a new regime. The designation of silver as a Critical Mineral and resulting strategic stockpiling add another layer of structural support, suggesting this bull market may have more room to run.

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