Silver and copper prices climbed in late 2025 amid growing fears over constrained global supply, outpacing gold's performance. Investors are shifting focus toward industrial metals amid tightening inventories and geopolitical risks.
- Silver rose to $34.70/oz in December 2025, up 12% YTD.
- Copper reached $9,210/ton, a 14% increase year-to-date.
- Global silver mine output declined 4.3% YoY in Q3 2025.
- Copper mine output dropped 3.1% YoY, with major disruptions in Latin America and Africa.
- LME and COMEX inventories remain 18% below the five-year average.
- Silver ETFs saw $1.2 billion in inflows between November and December 2025.
Silver traded at $34.70 per ounce on December 6, 2025, marking a 12% year-to-date gain, while copper rose to $9,210 per metric ton—a 14% increase over the same period. Gold, by contrast, held steady at $2,040 per ounce, showing limited movement after a 2.5% dip earlier in the week following U.S. trade policy adjustments. The divergence reflects a strategic pivot by institutional investors toward metals essential for clean energy infrastructure and electric vehicle production, where supply chain vulnerabilities are mounting. The rally in silver and copper is being driven by multiple supply-side pressures. Global silver mine output in the third quarter of 2025 fell 4.3% year-on-year, according to industry data, while copper mine output declined 3.1%, with disruptions reported in Chile, Peru, and the Democratic Republic of Congo. At the same time, inventory levels at major exchanges—LME and COMEX—remained 18% below the five-year average, signaling tightness in physical delivery. Market participants are increasingly factoring in long-term risks associated with mining capacity expansion delays and escalating environmental regulations. These concerns are amplifying demand from battery manufacturers and renewable energy developers, who are securing forward contracts at premium prices. The shift is particularly evident in the rise of silver-backed exchange-traded products, which saw inflows of $1.2 billion in November and December 2025. The broader implications extend beyond commodities. Energy transition stocks and related mining firms have seen a 9% average increase in market valuation over the past month, reflecting investor confidence in sustained metal demand. Meanwhile, gold’s relative stagnation underscores a perceived decoupling between precious metal performance and macroeconomic drivers like inflation and interest rates.