Silver’s Stellar Surge: 2025 Rally Pushes Prices to Record Highs Above USD $54/oz

Silver has had a historic rally in 2025 year to date, rising by 88% and trading at a record high above USD $54oz at the time of writing (the morning of Friday, 17th October).

In local terms, silver has risen by 80% toward AUD $84oz, with a 4.4% increase in the value of the Australian dollar vs the US dollar weighing down on local currency returns for Australian precious metal investors.

These gains for silver have it significantly outperforming gold’s momentous returns over the same period, which come in at 66% and 59% in USD and AUD terms, respectively.

Analysts at Bank of America are forecasting the white metal to run even further, recently publishing a price target of USD $65oz by 2026, supported by tight supply and persistent investor interest.

The recent movements in precious metal markets have seen the Gold to Sliver Ratio (GSR) drop toward 80.

Historically, the GSR has ranged from as low as 20 to over 120, with a median of 63 since 1969. Given this background, the current GSR remains elevated from a historical standpoint, even though it has fallen by 24% since its recent April highs and 35% from the peaks seen during the start of the COVID pandemic.

As a result, a period of continued silver outperformance would not be unexpected.

Other reasons why Australian investors may wish to add silver to their portfolio today include the fact that historically, silver has been:

• The best precious metal to hedge against inflation

• Had a high correlation to a rising stock market

These factors contributing to the current silver rally are explored in detail within our Silver Research Report published last year, which can be accessed below.

Thank you for choosing ABC Bullion.

Jordan Eliseo
General Manager, ABC Bullion

Luke Tyler
Market and Business Analyst, ABC Bullion

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