Silver Outlook 2025

Table of Contents

Silver Price 2024 Year-End Review

Silver Price Forecast: Top Trends That Will Affect Silver in 2025

David Morgan: Silver to US$40 in 2025, Then Blow-off Top in 2026?

Top 5 Canadian Silver Stocks

Silver Price 2024 Year-End Review

Silver saw ups and downs in 2024, but as the year draws to a close the metal is set to end substantially higher than where it began. Find out what trends have moved the market over the last 12 months.

The silver price put on a strong performance in 2024, hitting highs not seen in over a decade.

Despite some volatility, factors like increasing industrial demand, safe-haven buying from investors and weakening mining supply all came together during the year to support gains in the price.

All told, silver is up nearly 35 percent since the start of 2024, outperforming gold's 32 percent gain.

Silver price in Q4

Silver began Q4 on a strong note, reaching US$31.37 per ounce on October 1 and climbing to US$32.18 on October 4; it then slipped to US$30.49 on October 9. However, the white metal's price didn’t remain low for long. It surged to its year-to-date high of US$34.72 on October 22, also reaching its highest level in 12 years.

The most significant tailwinds for silver came from geopolitical tensions, with what appeared to be a greater likelihood of the Israel-Palestine conflict spilling over into a broader regional war in October. Israel’s attacks on Lebanon, Syria and Iran saw more investors seek the haven of precious metals, benefiting silver.

As November began, the price of silver was again in retreat, trading at US$30.24 by November 15.

Silver faced headwinds following the US presidential election on November 5, losing nearly 5 percent in a single day as some investors fled to interest-bearing assets. However, the metal's losses were somewhat softened after the US Federal Reserve made a 25 basis point cut to its benchmark rate on November 7.

Silver price, Q4 2024.

Chart via Trading Economics.

As the month worse on, silver saw volatility, spiking to US$31.34 on November 22. The rise came as safe-haven investors flocked to the metal following an escalation in the war between Russia and Ukraine. The US, UK and France said they would allow the use of long-range missiles by Ukraine to attack military targets inside Russia.

Previously, Ukraine had only been allowed to use the missiles to strike targets along the border.

The response from Russia was a policy change that would permit the use of nuclear weapons against countries supported by nuclear powers. Following the move, Russia launched a test of an intermediate-range ballistic missile capable of carrying a nuclear payload on a target within Ukraine.

Silver fell to a quarterly low of US$30.11 on November 27, but since then the precious metal has regained some ground. As of December 11, it was trading at US$31.88.

The next Fed meeting is set to run from December 17 to 18. Most analysts expect the central bank to make one last 25 basis point cut before pausing in 2025.

How did silver perform for the rest of the year?

Silver price in Q1

Silver started the year on a low note as its lackluster performance from 2023 carried over.

However, rate cut expectations added momentum to silver at the end of February and the beginning of March, which pushed the price up from the US$22 range to above US$25.

At the time, Peter Krauth, editor of Silver Stock Investor, told the Investing News Network (INN), “Silver also typically lags gold, then catches up and surpasses it. We’re starting to see that happen in spades right now. Since the end of February, gold is up about 15 percent, while silver has been up about 22 percent.”

Krauth also mentioned declining aboveground silver inventories.

“I think there may be 12 to 24 months left before they run out,” he said.

Silver price in Q2

The big news from the second quarter was silver breaking through the US$30 barrier.

The price continued to be fueled by rate cut speculation, but also saw support from industrial segments as demand from India soared. The country imported more silver during the first four months of 2024 than all of 2023.

India is typically known for its strong precious metals jewelry demand, but Silver Institute President and CEO Michael DiRienzo told INN that it was also benefiting from “firmer electrical and electronics demand, thanks to the continued strength in India’s real estate market and rising investment in local infrastructure construction.”

Industrial segments, particularly photovoltaics production, have been a driver of Indian demand as the country works to build up its domestic solar supply chain through its approved list of models and manufacturers.

Silver price in Q3

Silver didn’t see much upward momentum through most of the third quarter.

Instead, it saw a significant retreat toward US$26. Still, by the end of the quarter, a Fed rate cut had provided a substantial tailwind for silver, sending it above the US$32 mark by the end of September.

The quarter also saw First Majestic Silver (TSX:AG,NYSE:AG) announce on September 5 that it would purchase all of the issued and outstanding shares of Gatos Silver (TSX:GATO,NYSE:GATO) in a US$970 million transaction.

The deal will give First Majestic a 70 percent stake in the Cerro Los Gatos mine in Northern Mexico. The combined entity's anticipated annual production is 30 million to 32 million silver equivalent ounces.

This was followed on October 4 by Coeur Mining's (NYSE:CDE) agreement to acquire SilverCrest Metals (TSX:SIL,NYSE:SILV) for US$1.7 billion. The deal will create one of the world's largest silver producers, with annual output of 21 million ounces of the white metal projected by 2025.

The deal will give Coeur 100 percent ownership of the recently opened Las Chispas mine in Sonora, Mexico, which is projected to sell 9.8 million to 10.2 million silver equivalent ounces this year.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Additional information on silver stock investing — FREE

Silver Price Forecast: Top Trends That Will Affect Silver in 2025

Silver reached highs not seen since 2012 this past year. What trends will drive the white metal in 2025, and will its price gains continue?

The silver price reached highs not seen since 2012 this past year, supported by an ongoing deficit and increasing interest from investors as geopolitical concerns prompted safe-haven buying.

The white metal reached its highest point for the year in October, breaking through US$34 per ounce on the back of a shifting post-pandemic landscape and geopolitical tensions. However, Donald Trump's victory in the US presidential election just a few weeks later buoyed bond yields and the US dollar while weighing on silver and gold.

What will 2025 hold for silver? As the new year approaches, investors are closely watching how Trump's policies and actions could impact the precious metal, along with supply and demand trends in the space.

Here's what experts see coming for silver in 2025.

How will Trump's presidency impact silver?

As Trump's inauguration approaches, speculation is rife about how he could affect the resource industry.

The president-elect ran on a policy of “drill, baby, drill," and while his focus was largely on oil and gas companies, mining sector participants have taken it as a positive sign for exploration and development.

Trump's promise to reduce permitting timelines for anyone making an investment of US$1 billion or more in the US has excited sector members, and could end up being a boon to silver companies in the country.

However, part of the help Trump has promised to mining companies comes from reneging on environmental commitments, including the Paris Agreement. This could end up weighing on silver.

Current President Joe Biden's Inflation Reduction Act includes tax credits and deductions for solar projects, and there's some concern that the incoming administration and the new Elon Musk-led Department of Government Efficiency (DOGE) could impose reversals or have the entire act gutted, hurting the solar market.

However, Peter Krauth, author of "The Great Silver Bull" and editor of the Silver Stock Investor, told the Investing News Network (INN) that Tesla (NASDAQ:TSLA) CEO Musk could end up keeping solar safe.

“Tesla bought SolarCity, which became Tesla Energy. They are an important provider of solar panels. Again, Musk’s new role heading DOGE and obvious close connection to Trump just might help mitigate risks to Tesla and its solar panel/power storage business. If that happens, in whatever form it may take, it could shelter solar panel production and sales in the US to a considerable degree,” Krauth explained via email.

He also noted that Trump's presidency isn't without risks and that much uncertainty still remains.

Mind Money CEO Julia Khandoshko also isn't worried about solar demand in the US.

“Rolling back ESG policies and returning to carbon-based technologies could slow the green energy transition in the US. However, Europe and China, the main drivers of the green transition, remain committed to clean energy, which increases silver demand. Thus, global trends will continue to support silver use in renewable energy technologies,” she told INN.

Silver deficit expected to continue

Industrial segments have been critical for silver demand in recent years.

As of November, the Silver Institute was forecasting total industrial demand of 702 million ounces of silver for 2024, an increase of 7 percent over the 655 million ounces recorded in 2023.

The institute attributes much of this increase to energy transition sectors, highlighting photovoltaics in particular.

However, these gains are coming alongside flat mine production, which is expected to grow only 1 percent to 837 million ounces during 2024. Once factored in, secondary supply from recycling pushes total supply of silver to 1.03 billion ounces for the year, a considerable gap from the 1.21 billion ounces of total demand.

Both Krauth and Khandoshko think the gap between silver supply and demand will continue.

Krauth suggested that companies have been dipping into aboveground inventories to narrow the gap, which has helped to keep the price of silver from exploding over the past year. "That supply is quickly drying up, so I expect to see renewed upward price pressure since silver miners are unable to grow output," he told INN.

Khandoshko expressed a similar sentiment, saying demand is likely to keep outpacing supply.

However, she also sees geopolitics and a global macroeconomic situation that could constrain both demand and supply growth in 2025. For example, economic difficulties in Europe and China could slow energy transition demand.

When it comes to supply, Khandoshko told INN that she sees a different scenario.

“The problem is that silver production is mainly concentrated in geopolitically challenging areas, such as Russia and Kazakhstan, where securing funding for supply expansion is quite difficult," she explained.

"These factors limit silver’s growth potential compared to gold, which in turn benefits from its role as a safe-haven asset during times of economic uncertainty."

Silver M&A set to heat up in 2025

As silver supply becomes increasingly stressed, experts are eyeing projects that are ramping up.

Krauth highlighted Aya Gold and Silver’s (TSX:AYA:OTCQX:AYASF) Zgounder mine expansion. Its first pour was at the end of November, and it is expected to ramp up to full annual output of 8 million ounces in 2025.

Endeavour Silver’s (TSX:EDR,NYSE:EXK) Terronera mine is also nearing completion. Once complete, the operation is expected to produce 15.5 million silver equivalent ounces per year.

For its part, Skeena Resources (TSX:SKE,NYSE:SKE) is working to develop its Eskay Creek project. It is set to come online in 2027, and is expected to bring 9.5 million ounces of silver per year to market in its first five years.

Krauth said a rising silver price is likely good news for mergers and acquisitions in 2025.

“Higher prices, since they translate into higher share prices, meaning acquirers can use their more valuable shares as a currency to acquire others … I think 2024 will bring deals between mid-tiers and between juniors," he said.

Krauth added, "The truth is that many mid-tier producers have not been spending on exploration. Something has to give, so I think we’ll see this space heat up."

Investor takeaway

Khandoshko and Krauth have similar silver outlooks for 2025, suggesting a possible pullback.

“Due to supply shortages and increasing demand in the coming months, silver is expected to reach US$35. After this, a slight pullback to US$30 would be possible,” Khandoshko said.

However, after that happens she projects another rise, with silver potentially passing US$50.

Krauth was looking for silver to reach US$35 in 2024, which happened in Q4. Looking forward to 2025, he thinks the white metal will revisit that level in the first quarter, with US$40 or more possible later in the year.

However, he suggested that investors should be cautious of wider economic trends affecting silver.

“There is a serious risk of significant correction in the broader markets and of a recession. A broad market selloff could bleed into silver stocks, even if only temporarily,” Krauth said.

In the case of a recession, a lack of industrial demand could create headwinds for silver. Still, Krauth thinks that could be tempered by government stimulus efforts for green energy and infrastructure.

Overall, 2025 could be a significant year for silver investors. However, geopolitical and economic instability may provide headwinds across the resource sector and could stymie silver's upward momentum.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Prismo Metals is a client of the Investing News Network. This article is not paid-for content.

The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Additional information on silver stock investing — FREE

David Morgan: Silver to US$40 in 2025, Then Blow-off Top in 2026?

David Morgan, publisher of the Morgan Report, shared his outlook for silver in 2025 and beyond, saying that the white metal may reach US$40 per ounce next year with the possibility of a blow-off top in 2026 or so.

He also discussed his ongoing concerns about central bank digital currencies, both in the US and globally.

"If you could use one word to define my purpose, the way I see it, it's 'freedom.' I like the silver and the gold, and all the stories behind them and the monetary purposes thereof," Morgan said.

"But when it gets down to it, the way the system's going, the amount of gold and silver you have is going to be pretty much meaningless if you do not fit into the social credit system like the Chinese (have)."

Watch the interview above for more from Morgan on silver, as well as gold and the overall market. You can also click here to view the Investing News Network's New Orleans Investment Conference playlist on YouTube.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

Additional information on silver stock investing — FREE

5 Best-performing Canadian Silver Stocks of 2024

Which Canadian silver stocks are the best performers so far in 2024? We break down our list of the top TSX, TSXV and CSE silver stocks to guide investors.

Silver saw strong gains in 2024, breaching US$32 per ounce in H1 and then US$34 in October.

Silver’s dual function as a monetary and industrial metal offers great upside. Demand from energy transition sectors, especially for use in the production of solar panels, has created tight supply-and-demand forces.

Demand is already outpacing mine supply, making for a positive situation for silver-producing companies.

How has silver's price movement benefited Canadian silver stocks on the TSX, TSXV and CSE? The five companies listed below have seen the best performances since the start of the year. Data was gathered using TradingView's stock screener on December 10, 2024, and all companies listed had market caps over C$10 million at that time.

1. Pantera Silver (TSXV:PNTR)

Year-to-date gain: 244.44 percent
Market cap: C$13.14 million
Share price: C$0.31

Pantera Silver is focused on its Nuevo Taxco silver-gold project near Mexico City, Mexico.

The company signed an earn-in agreement with Impact Silver (TSX:IPT,OTCQB:ISVLF) for the 1,100 hectare property in October 2020. Though limited exploration has been carried out on the property, work done by Impact in 2013 identified 21 silver-bearing veins. Of the 395 rock samples collected at that time, three contained grades of over 1,000 grams per metric ton (g/t) silver. In a 2022 drill program, Pantera highlighted assay results of up to 225 g/t silver from 1.85 meters.

On October 20, explorer and developer Pantera provided a corporate update, saying it was looking at various options to restart exploration work that had previously been paused at Nuevo Taxco. In the announcement, Pantera said it was expecting to begin work in Q3 and would be focusing on sampling and mapping the Southwest zone of the project. The company has not provided any further updates regarding exploration work at Nuevo Taxco.

The most recent news from Pantera came on December 3, when the company announced it had entered into a definitive agreement to acquire a 100 percent stake in the Rakanco project. The property is composed of three mineral claims covering an area of 17,975 hectares in Southwest Bolivia.

Shares of Pantera reached a year-to-date high of C$0.46 on October 22 alongside a surging silver price.

2. Gatos Silver (TSX:GATO)

Year-to-date gain: 166.86 percent
Market cap: C$1.62 billion
Share price: C$22.87

Gatos Silver is a silver-focused production and exploration company. Its flagship asset is the Cerro Los Gatos mine and district, located south of Chihuahua City, Mexico.

The site consists of 14 predominantly silver, lead and zinc mineralization zones, and is a joint venture with Dowa Metals and Mining, which holds a 30 percent stake in the operation; Gatos owns the remaining 70 percent.

On February 21, the company released its full-year results for 2023, indicating it had produced 9.2 million ounces of silver, marking a decline from 10.3 million ounces produced in 2022. However, the company said it improved operational efficiencies to offset inflationary pressures, lowering all-in sustaining costs (AISC) to the lower end of 2023 guidance.

In the release, Gatos also said it was expecting similar production totals for 2024, with guidance of 8.4 million to 9.2 million ounces of silver at an AISC of US$9.50 to US$11.50 per payable ounce. The company said it was anticipating that exploration efforts at the South-East Deeps target would further extend the life of the mine.

On July 23, Gatos reported an update on regional exploration programs, saying that drilling at the South-East Deeps zone extension had resulted in a highlight of 214 g/t silver over 3.5 meters.

Additionally, results from its ongoing drilling at the Portigueño target included a highlight of 49 g/t silver over 1.6 meters, and results from two holes testing the depth of the San Luis target produced a highlighted intercept more than 150 meters below surface of 66 g/t silver over 8.9 meters, including 111 g/t silver over 2.5 meters.

On September 5, Gatos entered into a definitive merger agreement to be acquired by First Majestic Silver (TSX:AG,NYSE:AG). The transaction values Gatos at US$970 million and is expected to be completed in early 2025.

In a Q3 production update on October 9, Gatos reported that its silver equivalent production for the period had increased 11 percent year-on-year. Additionally, through the first nine months of 2024, Gatos produced 7.1 million ounces of silver, up from 6.65 million ounces in the same period in 2023. The higher figures allowed the company to increase its 2024 guidance to 9.2 million to 9.7 million ounces of silver, up from 8.4 million to 9.2 million ounces.

The company released its Q3 financial and operating results on November 11, saying that earnings per share were up 200 percent year-on-year to C$0.14. Net income increased to C$9.9 million from C$3.3 million.

Shares of Gatos reached a year-to-date high of C$27.85 on October 29.

3. GR Silver Mining (TSXV:GRSL)

Year-to-date gain: 156.25 percent
Market cap: C$68.17 million
Share price: C$0.205

GR Silver Mining is a small-cap explorer and developer that is working to advance its Rosario Mining District in Sinaloa, Mexico, to production. The district consists of three core mining areas: Plomosas, San Marcial and La Trinidad.

The company’s primary focus has been the development of Plomosas and neighboring San Marcial, a 9,764 hectare land package that hosts a past-producing silver, gold, lead and zinc underground mine.

In March 2023, the company released an updated resource estimate for Plomosas showing total indicated resources of 97 million silver equivalent ounces, with additional inferred resources of 53 million silver equivalent ounces.

Shares of GR Silver saw significant gains in the first quarter alongside a rising silver price and a March 4 announcement that GR had started small bulk sampling and test mining at Plomosas.

The company provided results from the sampling program in an update on June 27. In the report, GR Silver said it had completed 280 meters of underground development and processed 15,170 metric tons (MT) of material. Silver recovery rates from the samples were between 84 and 92 percent. Assays from channel sampling produced high grades, with one sample grading 1,625 g/t silver and 14.1 g/t gold over 2.5 meters.

On July 17, GR announced that it had completed its sale of Marlin Gold Mining to a private, arm’s-length company active in Mexico. Under the terms of the agreement, GR was to receive a 0.5 percent net smelter royalty on the concessions owned by Marlin subsidiary Oro Gold and a 10 year first right of refusal on any disposition of the concessions.

Since then, the company has spent time raising funds. Its most recent news came on September 27, when GR announced it had closed an oversubscribed private placement for C$2.37 million. The company said it intends to use the proceeds for exploration activities at its Plomosas project.

GR's share price reached a year-to-date high of C$0.295 on October 23.

4. Andean Precious Metals (TSX:APM)

Year-to-date gain: 132.79 percent
Market cap: C$219.56 million
Share price: C$1.42

Andean Precious Metals is a silver-focused company with a pair of operating assets in the Amercias.

Its primary silver-producing operation is the San Bartolome mine in the Potosi Department of Bolivia. The onsite processing facility has an annual ore capacity of 1.8 million MT.

A September 2023 mineral reserve statement demonstrates proven and probable quantities of silver at 6.85 million ounces from 21.01 million MT of ore with an average grade of 10.15 g/t.

Its other producing asset is the Golden Queen mine in Kern County, California, US. It hosts a 12,000 MT per day cyanide heap leach and Merril-Crowe processing facility. A mineral reserve statement shows measured and indicated silver values at 11.24 million ounces from 41.81 million MT with an average grade of 8.37 g/t. The company acquired Golden Queen from Auvergne Umbrella in November 2023 for total consideration of US$15 million.

On November 11, the company released its Q3 operating and financial results. Andean said that during the first nine months of the year, it produced 2.98 million ounces of silver at San Bartolomé, an 11 percent reduction from 2023. However, this was offset by production at Golden Queen, which generated 395,000 ounces of silver.

The most recent news from Andean came on December 5, when it announced it had received approval to be listed on the Toronto Stock Exchange. The company said the move reflects its commitment to delivering shareholder value and will enhance Andean’s visibility and ability to broaden its investor base.

Andean shares have positive momentum all year, but saw their biggest increase alongside a surge in silver and gold prices in September and into October. The company reached its year-to-date high of C$2.10 on October 22, the same day silver saw its highest price of the year.

5. Endeavour Silver (TSX:EDR)

Year-to-date gain: 129.66 percent
Market cap: C$1.49 billion
Share price: C$6.04

Endeavour Silver is a silver company with two operating silver-gold mines in Mexico — Guanaceví and Bolañitos — plus the advanced-stage Terronera development project and several exploration properties.

Its primary focus for 2024 has been its Terronera project in Jalisco, Mexico, which is under construction. Once complete, the new mine will become the company’s flagship operation. According to a 2023 update to its 2021 feasibility report, Terronera will produce an estimated 4 million ounces of silver per year over a 10 year mine life.

On July 24, Endeavour announced that construction at the site had progressed, with surface construction achieving 77 percent completion. The company said it should be ready for dry commissioning during the third quarter, and that final earthworks and concrete pouring were also expected to take place during that time period.

Endeavour reported on August 19 that, following a failure that occurred at the primary ball mill trunnion on August 12, it had resumed processing at its Guanacevi mine site. However, the company noted that its processing capacity would be halved during a ramp up with temporary modifications. At the time, it stated that permanent repairs to return to regular capacity should take 16 weeks for fabrication and installation. The company estimated that silver production for the year would be 900,000 to 1.1 million ounces lower than previous guidance for that reason.

In its Q3 production results, released on October 8, Endeavour said the failure and temporary fix had reduced throughput at the mill to 565 MT per day, resulting in production of 847,717 ounces of silver, down 24 percent year-on-year. For the first nine months of the year, Endeavour produced 3.65 million ounces of silver, 15 percent lower year-on-year.

Endeavour expects Guanacevi to be back to full operation in December.

In a release on October 21, Endeavour provided a construction update from Terronera indicating that it had reached 77 percent completion. The company said it is on track to begin commissioning near the end of Q4.

Shares of Endeavour reached a year-to-date high of C$7.62 on October 29.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.

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