
February 26, 2025
Strong assay results reveal more high-grade shoots; Resource update on track for next month
Andean Silver Limited (ASX: ASL) is pleased to announce more spectacular drilling results which continue to grow the known mineralisation in three key areas at its Cerro Bayo Silver-Gold Project in Chile.
- Latest drilling has identified new areas of mineralisation at the Coyita North, Pegaso 7 and Cristal discoveries within Cerro Bayo
- Outstanding results from all three areas, with grades up to 1,457g/t Silver Equivalent
- Imminent resource update planned for late this quarter will include, for the first time, a host of exceptional results from Andean’s past year of drilling at Cerro Bayo for the first time
- Three rigs now drilling to grow the resource at Cerro Bayo amid an increasingly favourable supply-demand outlook for silver
Latest assays:
- Coyita North drilling intercepted the main structure up to 100m below historic drilling; Significant intercept of:
- 1.5m @ 513g/t AgEq (360g/t Ag & 1.8g/t Au) (6.2g/t AuEq) CBD171
- Pegaso 7 resource potential continues to expand with multiple high-grade shoots defined within the main structure; Significant intercepts include:
- 1.9m @ 596g/t AgEq (329g/t Ag & 3.2g/t Au) (7.2g/t AuEq) CBD169;
- 3.0m @ 456g/t AgEq (56g/t Ag & 4.8g/t Au) (5.5g/t AuEq) CBD176;
- 1.7m @ 322g/t AgEq (19g/t Ag & 3.7g/t Au (3.9g/t AuEq) CBD176 ; and
- 0.5m @ 1,306g/t AgEq (1,078g/t Ag & 2.8g/t Au) (15.7g/t AuEq) CBD169
- At Cristal, drilling and structural mapping has defined an extensive central main shoot over 500m strike enveloped by multiple subsidiary veins; Significant intercepts include:
- 1.4m @ 1,457g/t AgEq (632g/t Ag & 9.9g/t Au) (17.6g/t AuEq) CBD170;
- 3.1m @ 206g/t AgEq (138g/t Ag & 0.8g/t Au) (2.5g/t AuEq) CBD175;
- 1.0m @ 794g/t AgEq (174g/t Ag & 7.5g/t Au) (9.6g/t AuEq) CBD170; and
- 38m @ 93g/t AgEq (50g/t Ag & 0.5g/t Au) (1.1g/t AuEq) CBD170, including:
- 1.2m @ 3.5g/t AgEq (176g/t Ag & 1.4g/t Au) (3.5g/t AuEq);
- 1.1m @ 433g/t AgEq (238g/t Ag & 2.3g/t Au) (5.2g/t AuEq); and
- 1.6m @ 263g/t AgEq (182g/t Ag & 1g/t Au) (3.2g/t AuEq)
- Similarities between the broad stockwork zones at Cristal and the historic Taitao open pit show potential for future base load mill sources
Andean Chief Executive Tim Laneyrie said: “Every round of drilling continues to grow the mineralised footprint at Cerro Bayo and there is still so much highly prospective ground we are yet to drill.
“We have generated a wealth of outstanding assays since we started drilling a year ago and these will underpin next month’s resource update.
“To be able to advance from discovery to definition drilling and into a planned maiden resource for both Cristal and Pegaso 7 in such a short period highlights the compelling exploration potential we have at Cerro Bayo.
“Given the amount of drilling we are doing, the open nature of the known mineralisation and the prospective ground we have identified through sampling and mapping, we are very confident about the next 6-12 months at Cerro Bayo”.
Drilling and Exploration Update
The drilling campaign continues to progress at the Laguna Verde Project area with three rigs aimed at expanding and infilling the existing resources at Coyita North (Figure 1) and continuing to define deeper mineralised shoots within the Pegaso 7 discovery.
Figure 1. Coyita North drill platform testing the northern shoot.
Geophysics campaign
As announced on 13 February 2025, the geophysics campaign is currently ~30% complete and has defined extensive new enhanced resistivity corridors within the broader Pampa La Perra and Cerro Bayo trends. The campaign has progressed to the Sinter Hill/Cascada areas (Figure 2) with the aim of defining the mapped veins of Meseta (Figure 3) and Mallines at depth and further along strike as well as the undercover zones below the Sinter Hill.
Click here for the full ASX Release
This article includes content from Andean Silver, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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25 September
What are Silver Futures?
Investing in silver futures is one of many options for those interested in entering the silver market.
The highest price for silver to date was reached half a century ago, when the precious metal hit US$48.70 per ounce. With the silver price hitting US$44 per ounce following the US Federal Reserve's September 2025 rate cut, investors are wondering if the white metal will it break past its record. Some silver bulls believe that could happen in the near future, with a few market insiders even calling for a triple-digit silver price.
Trading silver futures is not the same as owning physical bullion, but it’s a popular strategy for advanced investors with a higher risk tolerance. Read on to learn more about how silver futures work and what role they can play in a portfolio.
What are silver futures?
Silver futures trading involves an agreement between a buyer and a seller in which physical silver will be bought by the buyer and delivered by the seller for a fixed price at a date set in the future.
Most traders (especially short-term traders) aren’t concerned about delivery when it comes to silver futures — they typically use cash to settle their long or short positions before they expire or defer them to the next available delivery month. Overall, very few silver futures contracts traded each year actually result in the delivery of the underlying commodity.
What exchanges are silver futures traded on?
Silver futures can be traded on various global exchanges, but the COMEX is a common option. The COMEX is one of four exchanges that make up CME Group, which bills itself as the world’s leading derivatives marketplace.
On the COMEX, monthly silver futures contracts are listed for the current calendar month or the following two calendar months, plus any January, March, May or September within a 23 month period. July and December are also included should they fall within a 60 month period, beginning with the current month. The material offered must assay to a minimum of 999 fineness.
According to Investopedia, silver futures on the COMEX are quoted in US dollars per troy ounce and are traded in units of various sizes, ranging from 1,000 (known as micro contracts) to 2,500 (E-mini contracts) to 5,000 (full contracts) troy ounces. For example, a price quote of US$24 for 5,000 troy ounces would cost approximately US$120,000.
In the case of a full contract, investors who wait for their silver futures to mature will either receive or deliver a 5,000 troy ounce COMEX silver warrant for a full-sized silver future, depending on if they are the buyer or the seller. One warrant entitles the holder to ownership of equivalent bars of silver in designated depositories, such as with the The Brink's Co (NYSE:BCO), HSBC Holdings (NYSE:HSBC, LSE:HSBA), Manfra Tordella & Brookes, Delaware Depository and JPMorgan Chase & Co. (NYSE:JPM).
The COMEX settlement process is different for smaller silver futures contracts.
Silver futures are also traded electronically on the Indian National Commodity & Derivatives Exchange (NCDEX), the Dubai Gold & Commodities Exchange (DGCX), the Multi Commodity Exchange of India (MCX) and the Tokyo Commodity Exchange (TOCOM).
Why invest in silver futures?
Silver typically follows in the footsteps of gold and is considered a safe-haven asset. Investors tend to flock to precious metals in times of turmoil, which bumps up demand, and if gold is too expensive, silver is a cheaper option.
Futures offer a limit on potential losses to buyers, which attracts those interested in hedging. Hedgers such as producers, portfolio managers and consumers often use futures to mitigate price risk — their goal is to protect themselves from inflation and to reap the rewards of favorable price movements. On the flip side, speculative investors can use silver futures to gain exposure to the white metal while only putting up a fraction of the total cost for a contract.
Of course, silver has equal potential to suffer large losses in the futures market — due to the leverage involved, investors can lose funds in their accounts quickly. For that reason, experts often encourage inexperienced market participants to avoid the futures market until they have a good idea of their desired risk profile, time horizon and cost considerations.
This is an updated version of an article first published by the Investing News Network in 2016.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
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24 September
Chris Marcus: Silver Price Breakout? What's Happening, What's Next
Chris Marcus, founder of Arcadia Economics, discusses silver's recent price activity and where the white metal could be headed next.
He also weighs in on supply and demand dynamics, as well as the question of price suppression.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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24 September
GR Silver Mining
GR Silver Mining Ltd. is a Mexico-focused company engaged in cost-effective silver-gold resource expansion on its key assets which lie on the eastern edge of the Rosario Mining District.
24 September
Could the Silver Price Really Hit $100 per Ounce?
Will the First Majestic Silver (TSX:FR,NYSE:AG) CEO’s silver price prediction of over US$100 per ounce come true?
The silver spot price has surged over 50 percent in the first nine months of 2025, reaching a 14 year high above US$44 on September 22 after breaking through the US$40 per ounce mark in early September. Silver's price is rallying on growing economic uncertainty amid ongoing geopolitical tensions and US President Donald Trump’s escalating trade war, supported by long-term demand fundamentals.
Well-known figure Keith Neumeyer, CEO of First Majestic, has frequently said he believes the white metal could climb even further, hitting the US$100 mark or even reaching as high as US$130 per ounce.
Neumeyer has voiced this opinion often over the past decade. He put up a US$130 price target in a November 2017 interview with Palisade Radio, when silver was just US$17, and he also discussed it in an August 2022 interview with Wall Street Silver. He has reiterated his triple-digit silver price forecast in multiple interviews with Kitco over the years, including one in March 2023.
In 2024, Neumeyer made his US$100 silver call in a conversation with ITM Trading’s Daniela Cambone at the Prospectors & Developers Association of Canada (PDAC) convention, and in April of that year he acknowledged his reputation as the "triple-digit silver guy" on the Todd Ault Podcast.
At times he’s been even bolder, suggesting in 2016 that silver could reach US$1,000 if gold were to hit US$10,000. More recently, he has pushed his expected timeline for US$100 silver back, but he remains very bullish in the long term.
In order to better understand where Neumeyer’s opinion comes from and whether a triple-digit silver price is really in the cards, it’s important to take a look at the factors that affect the metal’s movements, as well as where prices have been in the past and where other industry insiders think silver could be headed.
First, let’s dive a little deeper into Neumeyer’s US$100 silver prediction.
In this article
Why is Neumeyer calling for a US$100 silver price?
Neumeyer believes silver could hit US$100 due to a variety of factors, including its consistent deficit, its industrial demand and how undervalued it is compared to gold.
There’s a significant distance for silver to go before it reaches the success Neumeyer has boldly predicted. In order for the metal to jump to the US$100 mark from US$44, its price would have to increase by around 125 percent. However, silver has already jumped by nearly 160 percent from its price of around US$17 per ounce when he made his US$130 call in November 2017.
Neumeyer has previously said he expects a triple-digit silver price in part because he believed the market cycle could be compared to the year 2000, when investors were sailing high on the dot-com bubble and the mining sector was down. He thinks it’s only a matter of time before the market corrects, like it did in 2001 and 2002, and commodities see a big rebound in pricing. It was during 2000 that Neumeyer himself invested heavily in mining stocks and came out on top.
“I’ve been calling for triple-digit silver for a few years now, and I’m more enthused now,” Neumeyer said at an event in January 2020, noting that there are multiple factors behind his reasoning. “But I’m cautiously enthused because, you know, I thought it would have happened sooner than it currently is happening.”
In an August 2022 with Wall Street Silver, he reiterated his support for triple-digit silver and said he's not alone in this optimistic view — in fact, he's been surpassed in that optimism. "I actually saw someone the other day call for US$500 silver," he said. "I'm not quite sure I'm at the level. Give me US$50 first and we'll see what happens after that."
Another factor driving Neumeyer's position is his belief that the silver market is in a deficit. In a May 2021 interview, when presented with supply-side data from the Silver Institute indicating the biggest surplus in silver market history, Neumeyer was blunt in his skepticism. “I think these numbers are made up,” he said. “I wouldn’t trust them at all.”
He pointed out that subtracting net investments in silver exchange-traded products leaves the market in a deficit, and also questioned the methodology behind the institute’s recycling data given that most recycled silver metal comes from privately owned smelters and refineries that typically don’t make those figures public.
"I'm guessing the mining sector produced something in the order of 800, maybe 825 million ounces in 2022," Neumeyer said when giving a Q4 2022 overview for his company. "Consumption numbers look like they're somewhere between 1.2 and 1.4 billion ounces. That's due to all the great technologies, all the newfangled gadgets that we're consuming. Electric vehicles, solar panels, windmills, you name it. All these technologies require silver ... that's a pretty big (supply) deficit."
In a December 2023 interview with Kitco, Neumeyer stressed that silver is more than just a poor man's gold and he spoke to silver's important role in electric vehicles and solar cells. In line with this view on silver, First Majestic is a member of a consortium of silver producers that in January 2024 sent a letter to the Canadian government urging that silver be recognized as a critical mineral. Silver's inclusion on the list would allow silver producers to accelerate the development of strategic projects with financial and administrative assistance from the government.
In this 2024 PDAC interview, Neumeyer once again highlighted this sizable imbalance in the silver’s supply-demand picture. “We’re six years into this deficit. The deficit in 2024 looks like it’s gonna be bigger than 2023, and why is that? Because miners aren’t producing enough silver for the needs of the human race,” he said.
More controversially, Neumeyer is of the opinion that the white metal will eventually become uncoupled from its sister metal gold, and should be seen as a strategic metal due to its necessity in many everyday appliances, from computers to electronics, as well as the technologies mentioned above. He has also stated that silver production has gone down in recent years, meaning that contrary to popular belief, he believes the metal is actually a rare commodity.
Neumeyer's March 2023 triple-digit silver call was a long-term call, and he explained that while he believed gold would break US$3,000 that year, he thought silver will only reach US$30. However, once the gold-silver ratio is that unbalanced, he believes that silver will begin to take off, and it would just need a catalyst.
"It could be Elon Musk taking a position in the silver space," Neumeyer said. "There's going to be a catalyst at some time, and headlines in the Wall Street Journal might talk about the silver supply deficit … I don't know what the catalyst will be, but investors and institutions will wake up to the fundamentals of the metal, and that's when it will start to move."
In an August 2023 interview with SilverNews, Neumeyer said banks are holding the silver market down. He pointed to the paper market for the metal, which he said the banks have capped at US$30 even in times of high buying.
"If you want to go and buy 100 billion ounces of (paper) silver, you might not even move the price, because some bank just writes you a contract that says (you own that)," he noted, saying banks are willing to get short because once buying stops, they push the price down to get the investors out of the market and buy the silver back. "... If the miners started pulling their metal out of the current system, then all of a sudden the banks wouldn't know if they're going to get the metal or not, so they wouldn't be taking the same risks they're taking today in the paper markets."
The month after the interview, his company First Majestic launched its own minting facility, named First Mint.
In 2024, gold experienced a resurgence in investor attention as the potential for Fed rate cuts came into view. In an interview with Cambone at PDAC 2024, Neumeyer countered that perception, stating, “There’s a rush into gold because of the de-dollarization of the world. It has nothing to do with the interest rates.”
In an April 2025 Money Metals podcast, Neumeyer reiterated his belief that silver is in an extreme supply deficit and that eventually silver prices will have to rise in order to incentivize silver miners to dig up more of the metal.
"You need triple digit silver just to motivate the mining companies to start investing again because the mining companies aren't going to make the investment because there's just so much risk in it," he said.
Several market analysts have raised concerns about this silver supply deficit.
In a March Investing News Network (INN) interview, Dana Samuelson, president of American Gold Exchange, explained that silver is particularly vulnerable to a supply shock as London Bullion Market Association's physical silver supplies have decreased by 30 to 40 percent, while gold has only lost 3 to 4 percent.
Moreover, in April at the Sprott Silver Conference, Maria Smirnova, senior portfolio manager and chief investment officer at Sprott Asset Management, highlighted the deficit as well.
Smirnova explained that silver has been in a supply deficit of 150 million ounces to 200 million ounces annually (or 10 percent to 20 percent of total supply), while production has been stagnant or declining over the past decade. She emphasized that above-ground inventories have declined by nearly 500 million ounces in recent years.
What factors affect the silver price?
In order to glean a better understanding of the precious metal’s chances of trading around the US$100 range, it’s important to examine the elements that could push it to that level or pull it further away.
The strength of the US dollar and US Federal Reserve interest rate changes are factors that will continue to affect the precious metal, as are geopolitical issues and supply and demand dynamics.
Although Neumeyer believes that the ties that bind silver to gold need to be broken, the reality is that most of the same factors that shape the price of gold also move silver.
For that reason, it’s helpful to look at gold price drivers when trying to understand silver’s price action. Silver is, of course, the more volatile of the two precious metals, but nevertheless it often trades in relative tandem with gold.
First, it's useful to understand that higher interest rates are generally negative for gold and silver, while lower rates tend to be positive. That's because when rates are higher, investment demand shifts to products that can accrue interest.
When the COVID-19 pandemic hit, the Fed cut rates down to zero from 1 to 1.25 percent. However, rising inflation led the Fed and other central banks to hike rates, which negatively impacted gold and silver. In February 2023, the Fed raised rates by just 25 basis points, the smallest hike since March 2022, as Chair Jerome Powell said the process of disinflation has begun. The Fed continued these small rate hikes over the next year with the last in July 2023.
The Fed's rate moves are currently playing a key role in pumping up silver prices. In early July 2024, as analysts factored in the rising potential for interest rate cuts in the remainder of 2024, silver prices were once again testing May's nearly 12 year high, and they topped US$31 in September in the days leading up to the anticipated first rate cut.
Heading into September of this year, the silver price was testing 14 year highs as market watchers expected the first rate cuts on the part of the Fed since it paused its interest rate moves in November 2024. The Fed chose to cut rates at the meeting, and silver and gold have both climbed even further in the week following the decision.
While central bank actions are important for gold, and by extension silver, another key price driver lately has been geopolitical uncertainty. The past few years have been filled with major geopolitical events such as tensions between the US and other countries such as North Korea, China and Iran. The huge economic impact of the COVID-19 pandemic, the banking crisis in early 2023, Russia's ongoing war with Ukraine, and rising tensions in the Middle East brought about by the Israel-Hamas war have been sources of concern for investors.
Trump's tariffs have also rattled stock markets and ratcheted up the level of economic uncertainty pervading the landscape in 2025. This has proved price positive for gold, bringing silver along for the ride.
However, silver's industrial side can not be ignored. In the current environment, the industrial case of silver is weakening in the short term; but longer term still holds some prospects for larger gains.
Higher industrial demand from emerging sectors due to factors like the transition to renewable energy and the emergence of AI technology will be highly supportive for the metal over the next few years. Solar panels are an especially exciting sector as manufacturers have found increasing the silver content increases energy efficiency.
“Even in the US, the policy really is 'all of the above' — all forms of energy. So I’m not concerned about solar cells diminishing. Could they go flat? Yeah, that’s fine. Flat at 300 million ounces? That’s great demand for silver,” said former Hecla Mining (NYSE:HL) CEO Phil Baker during a May webinar hosted by Simon Catt of Arlington Group.
“(Prime Minister Narendra) Modi made a policy decision a year ago to grow the solar industry in India. So in India, only about 10 percent of their demand for silver is used for industrial purposes. In China, it’s 90 percent, and so what you’re going to have in India is you’re going to see their solar panel growth skyrocket,” he added.
Could silver hit US$100 per ounce?
While we can't know if we'll reach a $100 per ounce silver price in the near future, there is support for Neumeyer’s belief that the metal is undervalued and that “ideal conditions are present for silver prices to rise.”
Many are on board with Neumeyer in the idea that silver's prospects are bright, including Gary Savage, president of the Smart Money Tracker Newsletter, who stated during a May 2025 interview with INN that "US$100 is going to be a piece of cake" for silver. He also stated he believes "US$500 is likely sometime ... maybe in three or four years."
So, if the silver price does rise further, can it go that high?
Let’s look at silver’s recent history. The highest price for silver was just under US$50 in the 1970s, and it came close to that level again in 2011. The commodity’s price uptick came on the back of very strong silver investment demand. While it has yet to reach these levels again, the silver price has increased significantly in recent years.
After spending the latter half of the 2010s in the teens, the 2020s have seen silver largely hold above US$20.
In August 2020, the price of silver reached nearly US$28.50 before pulling back again, and moved back up near those heights in February 2021. The price of silver saw a 2022 high point of US$26.46 in February, and passed US$26 again in both May and November 2023. Silver rallied in the later part of the first quarter of 2024, and by April 12 was once again flirting with the US$30 mark as it reached an 11 year high of US$29.26. Despite pulling back to the US$26 level soon after, by October 22 the price of silver had a nice run in the lead up to the election, rising up to US$34.80.
However, a stronger dollar and signs that the Fed might not be so quick to cut interest rates as deeply as expected were seen as price negative for silver. It was in a downward slide for much of the remainder of the year.
For much of the first half of 2025, silver has followed gold higher on factors including persistent inflationary pressures brought on by Trump’s aggressive tariff announcements and the ongoing geopolitical risks in the Middle East.
On September 22, 2025, the price of silver had reached a 14 year high of US$44.11, up over 50 percent since the beginning of the year.
What do other experts think about US$100 silver?
As silver's trajectory continues upwards, some silver market experts are agreeing with Neumeyer's triple-digit silver hypothesis, or at least that the price of silver still has further room to grow.
Willem Middelkoop of Commodity Discovery Fund told INN on the sidelines of PDAC that he believes silver could easily reach US$100 sometime over the next decade, advising investors to include physical silver in their portfolio.
"One day the market will run, and if you're not in, you won't win it," Middelkoop said.
Substack newsletter writer John Rubino sees the silver supply deficit as not only an issue for the industrial sector, but for the COMEX futures markets as well, which could spark a major rally in the silver price.
"There should be upward price pressure on silver, as the deficit continues and maybe turns into a shortage,” Rubino told INN in a May interview. “We're using up the previously existing silver, and that means there's just less of it around for the COMEX to satisfy futures contracts who show up and want to turn their contract into silver.”
Rubino explained that there is real danger in an exchange defaulting on delivering physical metal to futures contract traders and needing to pay cash instead. This scenario is likely to trigger panic buying.
He added that he would be shocked if silver didn’t reach US$100 an ounce “somewhere along the way, and it's possible that much higher prices could happen when the panic buying starts.”
Frank Holmes of US Global Investors (NASDAQ:GROW) told INN in a June interview that he thinks the price of silver could “easily go to US$100” given that silver supply has been running a deficit for many years now at a time when the world is transitioning toward increased electrification. In particular, he cited solar sector demand.
INN also spoke with Mani Alkhafaji, First Majestic's vice president of corporate of development and investor relations, to get his thoughts on silver. In a July interview at the Rule Symposium, he shared why he believes there’s a statistical argument for silver to reach US$70 at some point in the future.
“It's hard not to reference Keith, our CEO, and triple digit comes to mind pretty frequently now — more people are talking about it,” Alkhafaji explained at the time. He elaborated, “I’m a believer of economics, you look at the mining ratio and that’s sitting at 7:1, yet the price ratio is sitting at 90:1 right now. We just talked about that gold is comfortable at US$3,000, so that tells us that silver needs to play catch up to collapse that ratio.”
Mark O'Byrne of Tara Coins told INN in a June interview that he thinks silver’s medium- and long-term outlook is “as good as gold if not better because of these massive supply deficits for years now.” O'Byrne thinks silver could go to US$100 to US$150 over the next three to five years due to the high level of risk globally, combined with silver's industrial and monetary demand.
"Another thing that's important to note is the price inelasticity," he explained. "Most commodities, when the price goes up, the supply goes up. But with silver, it's primarily a by-product from base metal mining. It depends on the nature of the recession we get and how severe it is, but that could impact the demand for base metals, and therefore you may not see an increase in mining supply for silver."
Many other experts in the space expect silver to perform strongly in the years to come. Speaking with INN in an August interview, Tavi Costa of Crescat Capital expressed his confidence that higher silver prices are on the horizon.
“I think we’ll see new highs in the next 12 months and I think we will recast the highs in the next six months. Recasting meaning US$50 in the next six, and then breaking out to new highs in the next 12 months,” he said.
Concerning his reasons for laying out this path forward for silver, Costa cited the high volumes of silver purchases occurring after days when prices declined, as well as the clear outperformance of silver even when gold is falling.
Analyst firm InvestingHaven is very bullish on the silver market and is expecting prices to test all-time highs in 2025, moving as high as US$49 before blasting through new records in the next few years. InvestingHaven even sees the precious metal reaching as high as US$77 in 2027 and US$82 by 2030.
FAQs for silver
Can silver hit $1,000 per ounce?
As things are now, it seems unlikely silver will ever reach highs of US$1,000 per ounce, which Keith Neumeyer predicted in 2016 could happen if gold ever climbed to US$10,000 per ounce.
This is related to the gold to silver production ratio discussed above. At the time of the 2016 prediction, this ratio was around 1 ounce of gold to 9 ounces of silver, or 1:9. In 2024, it was about 1:7.5.
If silver was priced according to production ratio today, when gold is at US$3,000 silver would be around US$400, or US$333 at 1:9. However, the gold to silver pricing ratio has actually sat around 1:80 to 1:90 recently, and when gold moved above US$3,000 in March 2025, silver was around US$34.
Additionally, even if pricing did change drastically to reflect production rates, gold would need to climb by more than 300 percent from its current price to hit the US$10,000 gold price Neumeyer mentioned back in 2016.
Why is silver so cheap?
The primary reason that silver is sold at a significant discount to gold is supply and demand, with more silver being mined annually. While silver does have both investment and industrial demand, the global focus on gold as an investment vehicle, including countries stockpiling gold, can overshadow silver.
Additionally, jewelry alone is a massive force for gold demand.
There is an abundance of silver — according to the US Geological Survey, to date 1,740,000 metric tons (MT) of silver have been discovered, while only 244,000 MT of gold have been found, a ratio of about 1 ounce of gold to 7.1 ounces of silver. In terms of output, 25,000 MT of silver were mined in 2024 compared to 3,300 MT for gold.
Looking at these numbers, that puts gold and silver production at about a 1:7.5 ratio last year, while the price ratio on June 11, 2025, was around 1:92 — a huge disparity.
Is silver really undervalued?
Many experts believe that silver is undervalued compared to fellow currency metal gold. As discussed, their production and price ratios are currently incredibly disparate.
While investment demand is higher for gold, silver has seen increasing time in the limelight in recent years, including a 2021 silver squeeze that saw new entrants to the market join in.
Another factor that lends more intrinsic value to silver is that it's an industrial metal as well as a precious metal. It has applications in technology and batteries — both growing sectors that will drive demand higher.
Silver's two sides has been on display in recent years: silver demand hit record highs in 2022, according to the Silver Institute, with physical silver investment rising by 22 percent and industrial by 5 percent over 2021. For 2023, industrial demand was up 11 percent over the previous year, compared to a 28 percent decline in physical silver investment.
Is silver better than gold?
There are merits for both metals, especially as part of a well-balanced portfolio. As many analysts point out, silver has been known to outperform its sister metal gold during times of economic prosperity and expansion.
On the other hand, during economic uncertainty silver values are impacted by declines in fabrication demand.
Silver’s duality as a precious and industrial metal also provides price support. As a report from the CPM Group notes, “it can be seen that silver in fact almost always (but not always) out-performs gold during a gold bull market.”
At what price did Warren Buffet buy silver?
Warren Buffett's Berkshire Hathaway (NYSE:BRK.A) bought up 37 percent of global silver supply between 1997 and 2006. Silver ranged from US$4 to US$10 during that period.
In fact, between July 1997 and January 1998 alone, the company bought about 129 million ounces of the metal, much of which was for under US$5. Adjusted for inflation, the company's purchases in that window cost about US$8.50 to US$11.50.
How to invest in silver?
There are a variety of ways to get into the silver market. For example, investors may choose to put their money into silver-focused stocks by buying shares of companies focused on silver mining and exploration. As a by-product metal, investors can also gain exposure to silver through some gold companies.
There are also silver exchange-traded funds that give broad exposure to silver companies and the metal itself, while more experienced traders may be interested in silver futures. And of course, for those who prefer a more tangible investment, purchasing physical bullion in silver bar and silver coin form is also an option.
Private investor Don Hansen shared his strategies with INN for investing in precious metals, as well as a guide for building a low-risk gold and silver portfolio.
This is an updated version of an article originally published by the Investing News Network in 2016.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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22 September
Silver Price Surges Above US$44 Following Fed Rate Decision
The silver price surged on Monday (September 22), breaking US$44 per ounce to rise as high as US$44.11.
Silver was last above US$44 in 2011, and many of the same factors that drove it to that level are present in today’s market, including significant uncertainty around the economy, a global debt crisis and a dovish US Federal Reserve.
Silver price chart, December 31, 2024, to September 22, 2025.
Chart via the Investing News Network.
The gold price also reached a fresh all-time high on Monday, climbing to US$3,748.80 per ounce. The gains for both metals follow an interest rate cut from the US Federal Reserve at its meeting last week.
Although inflation has been moving further from the Fed’s 2 percent target, there has been greater uncertainty in the labor force. August’s nonfarm payroll report indicates greater slowing in the jobs market, with just 22,000 jobs added during the month; it also came with a downward revision showing the economy lost 13,000 jobs in June.
In its post-meeting statement, the Fed focuses on the worsening jobs market, noting that a 25 basis point cut allows it greater flexibility should the effects of tariffs on inflation be more sustained.
However, 90 percent of analysts are predicting that the central bank will make another cut when it next meets on October 28 and 29. That would provide additional tailwinds for precious metals markets.
The silver market is also benefiting from a high gold price as some investors turn to alternative safe-haven assets with lower entry prices. Additionally, silver has been in a structural deficit for the past several years as demand increases from industrial segments, providing significant upward momentum.
So far this year, the silver price has increased 52 percent, outpacing gold, which has gained 42 percent.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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22 September
What Was the Highest Price for Silver?
Like its sister metal gold, silver has been attracting renewed attention as a safe-haven asset.
Although it continues to exhibit its hallmark volatility, many silver investors believe that a bull market is starting up for the precious metal. Experts are optimistic about the future, and as the silver price's momentum continues above US$40 in 2025, investors are looking for price forecasts and asking, “What was the highest price for silver?”
The answer reveals how much potential there is for the silver price to rise. Read on for a look at silver's historical moves, and what they could mean for both the price of silver today and the white metal’s price in the future.
In this article
How is silver traded?
Before discovering what the highest silver price was, it’s worth looking at how the precious metal is traded. Knowing the mechanics can be useful in understanding why and how its price changes on a day-to-day basis and beyond.
Put simply, silver bullion is traded in dollars and cents per ounce, with market activity taking place worldwide at all hours, resulting in a live silver price. Key commodities markets like New York, London and Hong Kong are just a few locations where investors trade the metal. London is seen as the center of physical silver trade, while the COMEX division of the New York Mercantile Exchange, called the NYMEX, is where most paper trading is done.
There are two popular ways to invest in silver. The first is through purchasing silver bullion products such as bullion bars, bullion coins and silver rounds. Physical silver is sold on the spot market, meaning that in order to invest in silver this way, buyers pay a specific price for the metal — the silver price per ounce — and then have it delivered immediately.
The second is accomplished through paper trading, which is done via the silver futures market, with participants entering into futures contracts for the delivery of silver at an agreed-upon price and time. In such contracts, two positions can be taken: a long position to accept delivery of the metal or a short position to provide delivery.
Paper trading might sound like a strange way to get silver exposure, but it can provide investors with flexibility that they wouldn’t get from buying and selling bullion. The most obvious advantage is perhaps the fact that trading in the paper market means silver investors can benefit long term from holding silver without needing to store it. Furthermore, futures trading can offer more financial leverage in that it requires less capital than trading in the physical market.
Market participants can also invest in silver through exchange-traded funds (ETFs). Investing in a silver ETF is similar to trading a stock on an exchange, and there are several silver ETFs to choose from. Some ETFs focus on physical silver bullion, while others focus on silver futures contracts. Still others focus on silver stocks or follow the live silver price.
What is silver's all-time high price?
The silver all-time high was US$49.95 per ounce, a level it reached on January 17, 1980.
However, the price didn’t exactly reach that level by honest means. As Britannica explains, two wealthy traders called the Hunt brothers attempted to corner the market by buying not only physical silver, but also silver futures — they took delivery of those silver futures contracts instead of taking legal tender in the form cash settlements.
Their exploits ultimately ended in disaster: On March 27, 1980, they missed a margin call and the silver market price plunged to US$10.80. This day is infamously known as Silver Thursday.
That record silver price wouldn’t be tested again until April 2011, when it reached US$47.94. This was more than triple the 2009 average silver price of US$14.67, with the price uptick coming on the back of very strong investment demand.
Silver's price history since 2011
Silver price chart, September 22, 2005, to September 22, 2025.
Chart via SilverPrice.org.
After its 2011 peak, silver's price pulled back over the following years before settling between US$15 and US$20 for much of the second half of last decade. An upward trend in the silver price started in mid-2020, when it was spurred on by the economic uncertainty surrounding the COVID-19 pandemic. The price of silver breached the key US$26 level in early August 2020, and soon after tested US$30. However, it failed to make substantial progress past that.
In the spring of 2023, the silver price surged by 30 percent, briefly rising above US$26 in early May; however, the precious metal cratered back down to US$20.90 in early October. Later that month, silver advanced toward the US$23 level on the back of safe-haven demand due to the outbreak of the Israel-Hamas war.
Following remarks from US Federal Reserve Chair Jerome Powell, speculation about interest rate reductions sent the price of silver to US$25.48 on November 30, its highest point for the fourth quarter.
After starting 2024 on a low note, the white metal saw gains in March on rising Fed rate cut expectations. The resulting upward momentum led silver to reach a Q1 high of US$25.62 on March 20 before breaking through the US$30 mark on May 17. The silver price reached a then 12 year high of US$32.33 on May 20. In Q3, the metal's price slid down below the US$27 mark to as low as US$26.64 by August 7 alongside its industrial cousin copper.
Heading into Q4 2024, silver reversed course to the upside, tracking the record breaking moves in the gold price. Silver once again breached the US$30 level on September 13 and continued higher. On October 21, the silver price moved as high as US$34.20 during the trading day, up more than 48 percent since the start of the year and its highest level in 12 years. However, silver spent the rest of the year in decline, bottoming out at US$28.94 on December 30.
Silver price performance in 2025
Silver price chart, December 31, 2024, to September 22, 2025.
Chart via the Investing News Network.
The silver price experienced a momentum shift at the start of 2025, breaking through the US$30 barrier as early as January 5, and reached US$31.31 by January 29. The metal continued to post gains through much of February and March, climbing to US$32.94 on February 20 and then peaking at its quarterly high of US$34.21 on March 28.
Following US President Donald Trump's tariff announcements on April 2, silver slumped to below US$30. While the Trump administration’s tariff policies have been largely beneficial for safe-haven assets like precious metals, there were concerns that the threat of tariffs could weaken industrial demand, which could cool price gains in the silver market.
Yet those concerns were pushed to the back burner as recent economic and geopolitical events have raised analysts’ expectations of a September rate cut by the Fed. The benchmark rate has not changed since November 2024.
On June 5, the silver price rose to a 13 year high of US$36.05 in early morning trading, before retreating toward the US$35.50 mark. By June 16, the white metal had broken through the US$37 mark for the first time since May 2011.
In July, increasing geopolitical strife in the Middle East and Russia-Ukraine coupled with a positive outlook for China’s solar power industry proved price positive for both silver’s precious metals and industrial angles.
The silver price overtook the US$39 level to reach US$39.24 on July 22.
These same forces, coupled with the nearly unanimous rate cut expectations, launched the price of silver to over US$40 on August 31 for the first time since 2011, and by September 3 it had climbed as high as US$41.45.
The price of silver continued climbing rapidly through September, breaking through US$42, US$43 and US$44 per ounce. Silver set its latest 14 year high of US$44.11 per ounce during trading on September 22.
While it has yet to surpass its all time high in US dollars set in 1980, the silver price has now beat its all-time highs in most currencies, including Canadian dollars and Australian dollars.
Silver supply and demand dynamics
Market watchers are curious as to whether the silver price will continue its upward trajectory in 2025. Only time will tell, and it will depend on the white metal's ability to remain above the critical US$30 level.
Like other metals, the silver spot price is most heavily influenced by supply and demand dynamics. However, as the information above illustrates, the silver price can be highly volatile. That's partially due to the fact that the metal is subject to both investment and industrial metal demand within global markets.
In other words, it’s bought by investors who want it as a store of wealth, as well as by manufacturers looking to use it for different applications that are incredibly varied. For example, silver has diverse technological applications and is used in devices like batteries and catalysts, but it’s also used in medicine and in the automotive industry.
In terms of supply, the world’s three top producers of the metal are Mexico, China and Peru. Even in those countries silver is usually a by-product — for instance, a mine producing primarily gold or lead might also have silver output.
The Silver Institute's latest World Silver Survey, put together by Metals Focus, outlines a 0.9 percent increase in global mine production to 819.7 million ounces in 2024. This was in partly the result of a return to operations at Newmont's (TSX:NGT,NYSE:NEM,ASX:NEM) Peñasquito mine in Mexico following a suspension of activity brought about by strike action among workers and improved recoveries out of Fresnillo (LSE:FRES,OTC Pink:FNLPF) and MAG Silver's (TSX:MAG,NYSEAMERICAN:MAG) Juanicipio. Silver output also increased in Australia, Bolivia and the US.
The firm is forecasting a 1.9 percent rise in global silver mine production to 823 million ounces in 2025. Much of that growth is expected to come out of Mexico, and it is also projecting output will rise in Chile and Russia.
Lower production from Australia and Peru will offset some of these gains.
Looking at demand, Metals Focus sees growth in 2025 flatlining as industrial fabrication takes a hit from the global tariff war. This could be tempered by an anticipated rebound in demand from physical investment in silver bars and coins.
The silver market is expected to experience a substantial deficit of 117.6 million ounces in 2025, amounting to the sixth straight year of supply shortage for the metal.
Is the silver price manipulated?
As a final note on silver, it’s important for investors to be aware that manipulation of prices is a major issue in the space.
For instance, in 2015, 10 banks were hit in a US probe on precious metals manipulation. Evidence provided by Deutsche Bank (NYSE:DB) showed “smoking gun” proof that UBS Group (NYSE:UBS), HSBC Holdings (NYSE:HSBC), the The Bank of Nova Scotia (TSX:BNS) and other firms were involved in rigging silver rates from 2007 to 2013. In May 2023, a silver manipulation lawsuit filed in 2014 against HSBC and the Bank of Nova Scotia was dismissed by a US court.
JPMorgan Chase & Co. (NYSE:JPM) has been long at the center of silver manipulation claims as well. For years the firm has been in and out of court for the accusations. In 2020, JPMorgan agreed to pay US$920 million to resolve federal agency probes regarding the manipulation of multiple markets, including precious metals.
In 2014, the London Silver Market Fixing stopped administering the London silver fix, which had been used for over a century to fix the price of silver. It was replaced by the LBMA Silver Price, which is run by ICE Benchmark Administration, in a bid to increase market transparency.
Market watchers like Ed Steer have said that the days of silver manipulation are numbered, and that the market will see a significant shift when the time finally comes.
Investor takeaway
Silver has neared US$50 multiple times, including its all-time high, and as momentum continues for the silver price in 2025 investors are wondering if it could reach those heights once again.
While it's impossible to know for sure what's next for silver, keeping an eye on the factors driving its performance, including gold's performance, geopolitics, the economy and industrial demand, will help investors make decisions on when to buy and sell.
Additionally, keeping up-to-date on what precious metals experts are predicting for gold and silver in INN's expert interviews can help investors stay on top of the market.
This is an updated version of an article first published by the Investing News Network in 2015.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Melissa Pistilli, currently hold no direct investment interest in any company mentioned in this article.
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