Silver Tops $75 as Precious Metals Extend Record Run

Precious metals prices, including silver, are on pace for their best annual gains since 1979. (NYSE)

Silver prices hit a fresh all-time high in early Friday trading, topping the $75 an ounce mark for the first time on record, as precious metals extended a historic year of gains amid concerns over currency debasement and a surge in industrial demand.

Both gold and silver prices are on pace for their best year of gains since 1979, with the yellow metal rising more than 70% to a fresh record high of $4530.60 an ounce earlier in the session. Platinum prices were also moving higher, extending their 2025 advance to around 158%.

Silver’s gains, however, have come largely over the back half of the year, with the white metal rising around 100% since the end of June on the back of both demand tied to its use in artificial-intelligence data centers and electric vehicle production and as a tool to hedge against inflation risks.

Bets on lower Federal Reserve interest rates, despite both the quickening inflation pressures and solid GDP growth data, have added to the allure of precious metals, as has the recent rise in geopolitical risks.

Victoria Greene, founding partner at G Squared Private Wealth, calls the backdrop a “perfect storm” for the precious metals market.

“I also think metals are a getting a boost from bitcoin’s struggles,” Greene told CNBC on Wednesday. “Bitcoin is supposed to be that great inflation offset and its struggling even as risk assets have recovered.”

“That’s putting more and more behind the credence that precious metals is a wonderful way to protect purchasing power,” she added.

Spot silver had advanced 3.6% to $74.52 an ounce, putting it up 158% this year. Silver traded at an intraday record of $75.62 an ounce earlier in the session.

In the equity markets, Wheaton Precious Metals shares were marked 1.3% higher in early trading, while Pan American Silver jumped 2.6%

The iShares Silver Trust ETF, meanwhile, had risen 3.2% higher to $67.30, a move that would take its 2025 gain to around 155%.

Write to Martin Baccardax at martin.baccardax@barrons.com