Silver prices hit 13-year high
Last updated: 12:32 05 Jun 2025 EDT, First published: 11:45 05 Jun 2025 EDT
Silver prices have soared to their highest levels in more than 13 years, surpassing $35 per ounce.
Late morning on Thursday, silver traded up 3.5% at $35.87, after topping $36 earlier in the session, the highest level since February 2012.
Silver has gained about 24% so far this year, fueled by demand from industrial sectors such as electronics, solar energy, electric vehicles, and medical technologies. More than half of global silver demand comes from industrial uses, and the shift toward clean energy, particularly solar power, has strengthened silver’s role as a critical material.
Meanwhile, the silver market remains in a structural supply deficit, now in its fifth consecutive year.
Unlike some other commodities, silver is primarily produced as a by-product of mining other metals like lead, zinc, and copper, meaning that higher prices do not necessarily result in increased output. This supply constraint has helped support the metal’s price despite strong demand.
Macroeconomic trends have also supported higher silver prices. A weaker US dollar has made silver more affordable to holders of other currencies, encouraging investment.
Further, expectations of interest rate cuts in the United States and ongoing geopolitical uncertainty have increased investor appetite for safe-haven assets, lifting silver alongside gold.
Shares of companies working in silver production and exploration moved higher alongside silver prices.
First Majestic Silver Corp. (TSX:FR) shares surged 14.5%, while Hecla Mining Company (NYSE:HL) shares added 9.5% and Pan American Silver Corp. (TSX:PAA, NASDAQ:PAAS) shares added 6.6%.
Reyna Silver Corp (TSX-V:RSLV, OTCQX:RSNVF) was up 5.9%, as was Zacatecas Silver Corp. (TSX-V:ZAC, OTC:ZCTSF) and MAG Silver Corp (TSX:MAG) added 4.3%.
