Silver is on the move again. Yesterday, it climbed 1.6 percent to just under $39 an ounce, the highest price we’ve seen since September 2011. That sort of jump catches attention, but it’s not just about headlines or technical levels. It’s about what silver is trying to tell us.
In today’s GoldCoreTV video, we’ve brought together a compilation of our thoughts on silver from over the last year or so. They all come back to the same theme: silver has huge potential both as a monetary and industrial metal. It also tends to reveal stress in the system before most people realise it’s there. For us, it’s not just a precious metal, it’s a signal.
Think back to when silver neared $50 in 1980. The US dollar was in serious trouble. Inflation was out of control. In fact, the US Treasury had to issue bonds in foreign currencies like Swiss francs and Deutschmarks, because no one wanted to hold the dollar. The Fed responded by raising interest rates to punishing levels, triggering a recession just to restore confidence.
In 2011, we saw silver climb again. That time, it was the eurozone that was under pressure, with sovereign debt crises spreading from southern Europe toward the core. Once again, silver rallied sharply, acting as a mirror to the financial unease beneath the surface.
Now, in 2025, silver is beginning to make similar noises. This latest rally came as the US announced 30 percent tariffs on imports from the European Union and Mexico. That alone might be enough to spook markets. But silver isn’t just reacting to the news. It’s responding to the broader backdrop. Inflation that won’t go away. Bond markets under pressure. Questions about whether the old monetary tools still work in a world this indebted.
Mexico, by the way, is the largest silver producer in the world. That adds another layer to the story. If tariffs disrupt that flow, it tightens an already stretched market. And investors are noticing. We’ve seen a rush of money into silver ETFs this year. In fact, more has flowed into silver-backed exchange-traded products in the first half of 2025 than in all of last year. Total holdings now sit at 1.13 billion ounces. That’s just 7 percent below the all-time peak set in 2021 during the Reddit silver squeeze.
June was especially striking. Nearly half of this year’s ETF inflows happened in that one month alone. By the end of June, the total value of silver ETF holdings topped $40 billion for the first time in history. And much of that silver is now tied up. In London, where most ETF silver is held, there’s barely any available to borrow or buy. That’s starting to feed into physical markets and could continue driving prices higher.
What’s interesting is that silver is drawing in both speculators and long-term holders. Some are chasing technical breakouts above the $35 to $37 range, with targets of $40 and beyond. Others are looking at it more fundamentally. In India, where gold is usually the preferred metal, investors are now turning to silver. It’s more affordable, has delivered stronger returns this year, and feels like better value at a time when gold is already expensive.
The gold-to-silver ratio tells the same story. It currently takes about 86 ounces of silver to buy one ounce of gold. That’s higher than the 10-year average, which means silver is still historically cheap. Even with this rally, there’s room to run.
Silver is being pulled in multiple directions at once. It’s a monetary hedge, an industrial metal, a geopolitical bellwether, and increasingly, a liquidity signal. But more than anything, it’s a truth-teller. It cuts through the narratives and the noise. And right now, it’s saying that something is out of balance.
Today’s video pulls all of this together. It’s not about making price predictions or calling market tops. It’s about understanding why silver behaves the way it does, and why it deserves a place in the conversation when the financial world feels this uncertain.
And if you’re looking for more detail, we’ve got a deeper dive coming this Thursday. We’ll be looking closely at the supply dynamics, investment flows, and what might lie ahead for silver in the second half of 2025.
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