Silver has soared to the key milestone of $35 per ounce, reaching its highest level in more than 13 years, propelled by robust industrial demand and ongoing supply deficits, analysts said.

Silver rallied Thursday to tap its highest price in more than 13 years, with the industrial metal finally making a significant move to catch up to gold’s gains, pulling the gold-silver ratio down to its lowest level since the Trump administration’s “liberation day” tariff announcement.

Silver has been a high performing asset in 2025 and is now up more than 20% year to date. That is still lagging the move in gold, however, which has jumped about 25%. The price of