Silver rose to its highest since 2011 amid concerns about new US trade tariffs, shortages in the spot market and increased investor interest in alternative assets. About this informs Reuters.
As of 13:54 GMT, the spot price of silver rose 0.3% to $39.40 per troy ounce. The previous record — $49 — was set in September 2011.
Since the start of 2025, silver is up 36%, outperforming gold, which is up 31%. At the same time, the demand for silver from the industry remains stable — the industry is in a structural deficit for the fifth year in a row. The investment attractiveness of the metal is growing, because it is seen as a more affordable alternative to gold. The strength in silver prices also weighed on its relationship with gold, which hit a seven-month high, with 87 ounces of silver now needed to buy an ounce of gold, up from 105 in April.
US President Donald Trump’s plans to impose a 50% tariff on copper imports from August 1, as well as other tariff initiatives on Mexico, caused a premium on US futures for silver and other metals to rise against the London benchmark. This led to an increase in rental rates on the spot market.
While the duty does not apply to gold, silver, platinum and palladium, “the market is not seeing this as an exception and is following the example of copper trading on the Comex,” said Niki Shiles, head of metals trading strategy at MKS PAMP. According to her forecast, the price of silver this year may reach $42 per ounce.
“It was the copper tariff that triggered a chain reaction that affected the market of other metals.” – a precious metals trader from London commented on the situation.
He added that “leasing rates may decrease as soon as fears about tariffs subside.” WisdomTree strategist Nitesh Shah also believes that “in the short term, silver may exceed the $40 mark.”
