What's Real and What Isn't in the Silver Surge
Silver has been on a tear in 2025, grabbing headlines with record prices and stirring a fear of missing out (FOMO) sentiment among precious metal (PM) investors and collectors. The metal’s price is up roughly 164% year-to-date, climbing from the low US$30s to around US$77 per ounce, outpacing gold’s 72% climb over the same period. The surge has been fueled by a convergence of factors, from shifting monetary policy expectations to a deep physical supply squeeze. There is also an emerging narrative that claims silver is transforming into a new “reserve asset”, with central banks supposedly stockpiling it alongside gold. This blog post aims to cut through the hype and misconceptions. We’ll examine the fundamental nature of silver as both an industrial commodity and a monetary metal, analyse the real drivers of the 2025 price surge (particularly, structural supply/demand imbalances and booming industrial use) and debunk the idea that silver is becoming an official reserve asset . Our goal ...