Silver Soars to Decade High: Can the “Catch-Up Rally” Continue?

Silver has staged a remarkable rally since the start of 2025, becoming one of the standout performers in the commodity sphere. By the end of December 2025, the metal had surged approximately 171%, briefly touching $80 per ounce on December 26 before closing the year around $72. Entering 2026, silver continues to lead the Bloomberg Commodity Index as its top-performing asset.

Meanwhile, the gold-to-silver ratio—which measures how many ounces of silver one ounce of gold can buy—has fallen sharply to around 57, well below its long-term average of 68 and marking its lowest level since 2013. This rapid contraction highlights silver’s powerful catch-up momentum relative to gold.