The rally of silver has reached a 13-year high, attributed to a combination of significant market developments and political tailwinds. Recently, the silver price climbed to values around 37.82 to over 39 USD per ounce, marking the highest level in more than a decade.
Political Tailwinds and Market Uncertainty
Political tailwinds play a central role: the new U.S. tariff policy under President Trump, imposing high tariffs on Canadian imports (35%) and other trading partners (15–20%), creates uncertainty in global economic policy. This distrust is increasingly driving investors into safe tangible assets like silver and gold.
Investment Trends and Seasonal Effects
Institutional investors remain predominantly long-positioned despite slight profit-taking, underscoring the positive market sentiment. Additionally, seasonal trends support the upward trend until the end of July; historically, corrections are common in August, but the long-term outlook for silver remains bullish.
For private investors, this development is particularly relevant, as rising commodity prices can have direct impacts on investment strategies. Silver is increasingly seen as an attractive alternative to gold – also due to its smaller market size and the strong demand for currency alternatives to the U.S. dollar as well as ETF inflows. Experts like the Swiss major bank UBS see further potential for a price increase to around 40 USD per ounce or even beyond in the coming months.
These developments clearly show that silver is currently in focus not only as an industrial metal but also as a strategic asset.