Silver Fails to Rally Amid Geopolitical Turmoil

The recent geopolitical turmoil has failed to trigger a traditional safe-haven rally in silver prices. Despite escalating conflicts and global instability, silver has traded sideways or declined since 2022, while gold and the U.S. dollar have strengthened.

This 'missing crisis trade' is puzzling analysts and challenging long-held assumptions about silver's role as a store of value. As of mid-2025, silver trades around $24 per ounce, significantly below its 2020 highs near $30.

The divergence in prices reflects a fundamental shift in how different asset classes are perceived during periods of risk. Silver is increasingly viewed through an industrial lens, with approximately 50% of annual demand coming from applications such as solar panels, electronics, and automotive components.