In 2025, the global precious metals market is experiencing an economic boom, with silver standing out for its remarkable growth. The price of silver has nearly doubled since the start of the year, rising by about 97% and outperforming gold for the same period. In November, silver reached an all-time high of $58 per ounce. The reasons for this surge go beyond investment value—silver has become critical for modern technologies.
Silver has become indispensable in the production of solar panels, electric vehicles, artificial intelligence systems, 5G networks, and other cutting-edge sectors. Its unique electrical conductivity makes it the metal of choice where maximum energy efficiency is required. Alternatives have not yet matched silver’s effectiveness.
Each solar panel contains between 15 and 25 grams of silver. As China, India and European countries expand renewable energy capacity, demand for silver is surging. In electric vehicles, consumption is also rising—a fully electric car can use up to 50 grams of silver, far more than traditional cars.
Sustained growth in artificial intelligence also drives up demand: AI servers require two to three times more silver than standard data centers. With global sales of electric vehicles and investment in advanced technologies on the rise, silver's role continues to strengthen.
The silver market faces a chronic deficit: in 2025, the shortfall reached 149 million ounces. Since 2016, global production has declined by an average of 1.5% per year. Most silver is produced as a byproduct of mining other metals, making it challenging to significantly increase output. The top producers remain Mexico, China, Peru, Bolivia, and Chile.
Limited investment in new mines, the complexity of opening new deposits, and recycling constraints exacerbate the deficit. London's silver reserves have shrunk by a third in three years. Supply remains unable to keep pace with rising demand, fueling further price increases.
Demand for silver, driven by green energy, electric mobility, and advanced technology, is expected to keep growing. Experts warn that unless a viable substitute is found or there are major changes in market supply, the upward price trend will likely continue.
