Mint Primer: The gold rush for silver is on. Will it persist?

Subscribe to enjoy similar stories. As the world rushes for gold, silver is also now back in vogue. Known as “the poor man’s gold", silver benefits from a correlation with gold, which just breached the $3,000 per ounce mark.

But this time, silver’s own fundamental levers are also in motion. Mint explains: Silver, just like gold, has extended its post-covid rally this year and returned 15% in the first three months of 2025. Also Read | Mint Primer | Warren Buffett says konnichiwa to Japan: Why? Across the globe, both these precious metals have outperformed major asset classes like equities and debt so far.

In the last five years, however, silver has outperformed even gold, returning almost 178%. Gold has gained 106% during this period. Right now, silver is hovering near $34 per ounce level—still distant from its all-time high of $50 per ounce it touched back in 2011.

This indicates room for a further rally in silver prices, according to experts. Several factors have contributed to the post-pandemic rush for silver. Safe haven demand remains a key driver.

From the Ukraine-Russia conflict to ongoing tariff and trade war concerns, investors have always had reasons to increase their bets on precious metals in the last five years. A spike in silver demand in the renewable energy and electric vehicle industries, along with a contraction in supply, also supported prices. With global interest rates falling and the US dollar weaking to near five-month lows against major peers, incentives and opportunities in holding non-yielding precious metals have increased.