Silver’s value has seen an increase in 2025, driven by booming industrial use and a growing wave of investors treating the metal as a safety net. Recently, the December silver futures contract (SIZ25) rallied to an all-time high of $51.590 per ounce. This surge comes as the silver market enters a fifth straight year of sizable supply deficits, with demand consistently outpacing supply.
Meanwhile, HSBC has lifted its silver price forecast to $35.14 per ounce, citing the likelihood of sustained safe-haven demand in a riskier global environment. Pan American Silver (PAAS) has capitalized on this favorable environment with exceptional stock performance. Its shares have climbed 88% year-to-date (YTD), a rally that set the stage for the company’s 16.7% quarterly dividend increase, following director approval of the payout.
