Silver’s Time to Shine? Analysts Say It May Finally Outperform Gold

​Silver may have missed its moment last month, but some analysts now say it could be the precious metal to watch.

Gold has dominated headlines with record-setting highs, up 26% year-to-date, while silver has gained just 11%. But that gap, analysts argue, might present a rare opportunity—especially with the gold-to-silver price ratio soaring above 100, a level historically linked to silver outperforming in the months that follow.

That ratio means it takes over 100 ounces of silver to buy one ounce of gold—a sign, according to BullionVault’s Adrian Ash, that silver is “badly undervalued right now.” He notes that the last time silver was this cheap compared to gold—in 2020—it went on to rally more than 37% in six months, easily beating gold’s return over the same period.

Silver’s underperformance stems largely from its dual identity: part precious metal, part industrial workhorse. Unlike gold, which thrives during panic, silver gets dragged down by economic slowdowns—especially when tariffs and recession fears threaten industrial demand for electronics, solar panels, and EV components.

That’s exactly what happened after Trump’s April 2 tariff announcement, which analysts initially expected to be inflationary. Instead, the impact looked more deflationary—crimping global growth and hitting commodities like silver harder than gold.

Still, if markets stabilize and economic confidence returns, silver could bounce hard. Stefan Gleason of Money Metals Exchange says the current gold-to-silver ratio presents a “vastly better investment opportunity” for silver—especially for long-term investors.

The Silver Institute also reports a fourth consecutive global supply deficit, forecasting another shortfall in 2025. That could push prices higher if demand rebounds.

​Bottom line: Silver may be trailing gold for now, but history shows this gap rarely lasts. If the gold bull run continues, silver could be next in line for a breakout.