The price of silver more than doubled in 2025, surpassing its flashier counterpart, gold, which jumped a meagre 63 per cent. The silver and gold duo were market darlings as investors sought to surf the trends of “rising levels of sovereign debt, persistent inflation, a weaker (U.S. dollar), continued pressure for lower rates and strong physical demand from central banks/stablecoins,” National Bank Capital Markets said in a note. Analysts think those driving forces will remain in play in 2026. Silver, which traded above US$67 as of Dec. 19, also benefited from its importance as a material in industrial uses, with the U.S. also adding it to its list of critical metals. It’s rise helped make Discovery Silver Corp. (TSX:DSV) the TSX’s top gainer for the year by a wide margin, up 1,083 per cent.
The investing winners and losers that made or crushed portfolios in 2025
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