The silver price has reached a 13-year high of around 39.07 USD per ounce, reflecting a significant rally. This development is fueled by political tailwinds: The new US tariff policy under President Trump, which includes high tariffs on Canadian and other imports, creates uncertainty in global economic policy. This leads investors to increasingly flee into safe assets like silver and gold.
Factors Behind the Price Increase
Several factors support the rise in silver prices:
- Strong industrial demand, particularly in the fields of green technologies and electronics.
- Supply shortages in silver as well as a weakening US dollar as a currency factor.
- Seasonal effects: Historically, the silver price tends to rally in summer until the end of July; although corrections often occur in August, the long-term outlook remains positive.
Since the beginning of the year, the price has increased by about 35% – significantly more than gold – attracting many investors and underscoring the attractiveness of silver as an investment.
Forecast and Long-Term Outlook
Analysts see potential for rising prices in 2025 with forecasts ranging between about 28 and over 42 USD per ounce. In the long term, geopolitical instability or technological innovations could drive the price even higher, theoretically over 100 USD, but not until after 2030/2032.
In summary, a combination of political uncertainty, strong industrial demand, and seasonal trends emerges as the main drivers behind the current silver price increase to a new high not seen in over a decade. For investors, this represents an interesting opportunity in an increasingly volatile market environment.