Topline
The price of silver crossed $78 an ounce for the first time on Friday as precious metals continue a record-breaking run, with factors like interest rate cuts and tariff uncertainty pushing gold, silver and platinum to all-time highs.
Key Facts
The price of silver is about $78.65 as of Friday—a new high—according to the New York Commodity Exchange.
Silver’s price surge has outpaced gold, though the more expensive metal’s price rose just over 1.2% to hit a high of $4,562.70 on Friday.
The price of silver has rallied more than 146% over the past year, putting the metal on track to have its biggest year of gains since 1979.
Platinum also surged nearly 9% on Friday, hitting a price of $2,503, while copper rose more than 5% at a price of $5.82.
Why Is The Price Of Silver Surging?
The price of silver has dramatically risen this year amid federal interest rate cuts, the demand for silver in AI data centers, constrained silver supply and tariff uncertainty, analysts have said. “Prospect of lower U.S. interest rates is still supporting demand for gold and silver, lifting both metals to new record highs,” UBS analyst Giovanni Staunovo told Reuters Friday morning. The Wall Street Journal reported Friday morning amateur investors, including some who convene on Reddit, have flocked to silver as the price has soared. Some of these investors told the Journal they view precious metals as a solid investment in hopes its value will continue to rise.
Is Silver A Safe Bet?
Despite the silver craze, some analysts have said gold is still a safer investment. In an October note, Goldman Sachs economists said they expect “more volatility and downside price risk” for silver than gold. The analysts said gold is a more practical investment for banks because it is a scarcer resource and much more valuable per ounce, making it easier to transport and secure. Some analysts have noted silver tends to rise and fall in cycles. “Silver tends to be a product that goes parabolic, then collapses,” Brent Donnelly, president of market research firm Spectra Markets, told the Wall Street Journal. Some analysts have said silver will continue to boom at least through the new year. “For silver specifically, while nothing is guaranteed, rising economic uncertainty and continued inflation suggest we could see both higher prices and stronger demand in the new year,” Peter Reagan, Birch Gold Group financial market strategist, told CBS News, pointing to factors like inflation pressures.