Silver hit its highest price since 2011, rising 1.6 percent to nearly $39 an ounce. While headlines have focused on the price move, we believe the metal is signalling something deeper.
Silver often plays a dual role, both as a monetary hedge and an industrial commodity, and it tends to act as an early warning system for financial stress, well before it becomes obvious to the broader market.
We’ve seen this pattern before. In 1980, when silver neared $50, the United States was gripped by inflation and a loss of confidence in the dollar. The Treasury issued bonds in foreign currencies, and the Federal Reserve raised rates aggressively, triggering a recession to restore credibility. In 2011, silver surged again as Europe faced a sovereign debt crisis. In both moments, silver acted as a signal of deeper structural fragility.
The current rally feels similar. It followed the United States’ announcement of new 30 percent tariffs on imports from the European Union and Mexico, the world’s largest silver producer. But silver’s movement is not just about geopolitics. It reflects broader concerns around inflation, fragile bond markets, and the limits of monetary policy in an overleveraged world.
Investor appetite is rising. Silver ETFs have seen more inflows in the first half of 2025 than in all of last year. Total holdings now stand at 1.13 billion ounces, with June alone accounting for nearly half of this year’s additions. The value of those holdings has passed 40 billion dollars for the first time.
To support investors wondering if they have missed their moment to buy, we have put together a short video compiling recent insights on silver and its future potential. A more detailed analysis will follow this Thursday, exploring the silver market and what lies ahead.
About the author
David Russell
GoldCore
David is the CEO of GoldCore.
Until Summer 2023 he was the Director of Marketing and Communications, responsible for all marketing and communications strategies and branding.
David joined GoldCore in 2008 as Director of Business Development and later took over as Director of Marketing and Communications in 2020.
Prior to this Dave managed and operated his own Marketing Agency and completed multiple coaching qualifications.
"Working for GoldCore gives you a fantastic lens through which to view global financial and geopolitical developments. I am very proud to be part of a company that contributes to increasing investors understanding of these developments."
When he’s not at work, David is passionate about sailing and has completed the ‘Round Ireland Yacht Race’ twice.