Andrey Litvinov

Silver’s surge to a new all-time high of around 67 dollars per ounce in December 18 marks one of the most striking commodity stories of 2025. After spending much of the past decade trapped in a narrow range between 15 and 25 dollars, the metal more than doubled in value within a single year. This breakout did not unfold gradually.

Gold’s performance in 2025 has been extraordinary by historical standards. Prices have risen by more than 60% in dollar terms, the strongest annual gain in almost half a century, and in inflation-adjusted terms gold has never been more expensive. History offers a cautionary parallel: after peaking in late 1979, gold lost nearly two-thirds of its value over the following five years. That comparison inevitably raises the question of whether the current rally is another bubble—or whether gold is responding to a fundamentally different global environment.