Silver topped $90 an ounce for the first time and gold scaled new highs as investors fretting over the state of the world looked for somewhere safe to park their cash.
As the record-breaking run for precious metals continued, silver rose as high as $92.30, sparking speculation it could carry on towards $150.
At the same time, gold hit a new high of $4,642 an ounce as worries about Iran and threats to the independence of the US Federal Reserve boosted demand.
Silver is up nearly 30 per cent already this year and has more than tripled in value since the start of 2025 – eclipsing gold’s rises of 8 per cent and nearly 80 per cent over the same time frames.
‘Silver in particular has been on a flabbergasting run of late,’ said Laith Khalaf, head of investment analysis at AJ Bell. ‘It’s quite an achievement to put gold in the shade.’
Gold and silver prices have soared
Khalaf added: ‘Markets are ostensibly calm but there are tensions bubbling under the surface.
‘The political situation in Iran, a besieged Federal Reserve and a US president who is now weighing in on the US credit card sector are all cause for concern in the market, especially against a backdrop of sky-high valuations in the US.
‘Nowhere is this unease more apparent than in the surging price of precious metals.
‘Gold and silver have broken through previous resistance lines and are now heading off the charts.’
Alex Ebkarian at Allegiance Gold said: ‘All roads are leading to gold and silver. We anticipate some volatility, but I see silver at $100 as no different than at $90. Our short-term forecast is between $100 to $144.’
Copper also continued its rally, hitting a new high above $13,400 a tonne on fears of supply shortages, while tin has reached fresh peaks.
Helen Amos, an analyst at BMO, said ‘there is no precedent that I can remember in 20 years’ for the four metals to peak at the same time.
‘Things are moving so fast, prices are smashing through everybody’s forecasts,’ said Helen Amos, an analyst at BMO.
‘The speed of the move – particularly in silver, tin and copper – is making institutional investors pretty nervous.’
Investing platform IG recorded its biggest-ever trading week for silver last week, as retail investors continue to back the precious metal’s rally.
The total number of silver trades was 83 per cent higher than the previous record, set just two weeks earlier, while trading volume also hit a new peak, up 70 per cent on the previous record.
IG said no other week in its history ‘has come close’.
Chris Beauchamp, chief market analyst at IG, said: ‘The word unprecedented gets bandied around a lot, but the surge in silver prices truly fits the bill. The rally has been fuelled by a rush for physical assets, a decline in cryptocurrencies, and momentum in a market with thinner liquidity. IG traders have jumped on the move.
‘Trading silver is not without risk – the late December shakeout showed that clearly. While the rally shows no sign of slowing yet, investors should remember the late October pullback: when the next correction comes, it’s likely to be dramatic.’
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