Silver prices broke past a historic ceiling on Thursday, climbing to $50 per ounce and smashing the previous record set in April 2011, as investors continue piling into precious metals on bets that Federal Reserve rate cuts will continue.
The grey metal – as tracked by the iShares Silver Trust (NYSE:SLV) is now up 73% year to date, on pace for its strongest annual performance since 2010 when it gained 83%. The only stronger year on record remains 1979, when silver surged 360%.
In comparison, gold, which also trades at record highs above $4,000 per ounce, has notched a 54% gain thus far this year. This puts gold on track for its best performance since 1979, when it rose 133%.
Thursday's breakout marks silver's eighth consecutive weekly gain — the strongest bullish streak since 2020 — suggesting a powerful momentum rally that has few immediate signs of fading.
Chart: Silver Tops Record Highs At $50
How High Could Silver Still Go From Here?
David Morrison, senior analyst at Trade Nation, said silver is "at an extremely significant level," noting that bulls easily cleared $40 and $45 resistance in September.
"Silver's overall tone remains positive… price action suggests that buyers are still in control," he said, even as momentum indicators signal overbought conditions.
Colin Fenton of 22V Research said macro factors have driven gold prices higher, including the ongoing U.S. government shutdown and the war in Ukraine. Yet with potential resolution ahead, Fenton said it's not yet time to reduce positions.
"Given relative prices today, we think better value for incremental dollar allocation per unit risk is in silver," he said.
"After nearly two years of advance, a reasonable question at this juncture is whether it's time to pare or exit risk in gold and/or silver. Our high conviction answer is no, not yet," Fenton added.
Otavio Costa, macro strategist at Crescat Capital, questioned how silver could still be considered undervalued relative to gold in the current environment.
"Gold is now above $4,000/oz, and who would've thought silver would remain this cheap relative to gold?" Costa said.
"Some say this time is different; others believe it's only the beginning. I'm firmly in the latter camp."
Costa's view aligns with the broader belief that silver, despite its historic breakout, still lags gold in terms of relative performance and has more upside left as monetary and geopolitical pressures build.
Silver Miner Stocks Explode Higher
That risk-reward profile has prompted many investors to rotate into silver miners, sending select stocks into parabolic territory.
The Global X Silver Miners ETF (NYSE:SIL), has soared 130% year to date, marking its best year since the ETF was launched in 2010.
Among the fund's top performers are 10 mining companies whose shares have surged over 200% in 2025. Three of them have seen gains exceeding 600%.
These stocks have been supercharged by both the physical silver rally and investor demand for leverage to silver's upside. While silver itself is up 73%, the most speculative miners have delivered 8x or more in returns.
Top 5 Silver Miners Year-to-Date:
- Santacruz Silver Mining Ltd. (OTCPK: SCZMF): +830.91%
- Discovery Silver Corp. (OTCPK: DSVSF): +671.83%
- Andean Precious Metals Corp. (OTCPK: ANPMF): +659.82%
- Fresnillo plc (OTCPK: FNLPF): +281.01%
- Gold Resource Corporation (NYSE:GORO): +269.36%
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