On September 26, 2025, the international silver market achieved a significant breakthrough today: the spot silver price broke through $45 per ounce, refreshing the highest level since 2011 and setting a 14-year high. Driven by this, global mining stocks and precious metal-related ETFs strengthened collectively, and investment enthusiasm continued to rise.

(Image source: East Money)

Dual-Driven by Investment Demand and Industrial Demand

The rise in silver prices is not only driven by investors' safe-haven demand but also supported by industrial demand. The demand for silver in fields such as electronics, photovoltaics, and medical devices continues to increase. In particular, the rapid development of the photovoltaic industry amid the global energy transition has further strengthened the underlying support for silver prices.

Analysts point out that the rapid rise in silver prices reflects the market's recognition of the dual attributes of precious metals—they are not only tools for value preservation but also important raw materials for industrial production.

Synchronous Rise in Global Markets

In the U.S. market, Pan American Silver (PAAS, US), a leading silver mining company, jumped by more than 15% intraday and continued to climb above $35. It closed at $36.80 on September 25, approaching the annual high of $38.41. The short and medium-term moving averages are rising steadily, and trading volume has increased, indicating that long-term funds are continuing to enter the market; if it can break through the $38 mark, it is expected to open up more room for upward movement.

(Image source: uSMART HK app)

In the Hong Kong stock market, Zijin Mining (02899.HK) showed active stock price performance today, with an obvious upward trend recently and active trading volume, hitting a one-year high.

(Image source: uSMART HK app)

Forecast for Silver's Future Trend

Silver prices are expected to continue rising in the coming period. As the demand for silver in the photovoltaic, electronics, and new energy industries continues to grow, and uncertainties in the global economy and geopolitics persist, silver prices may remain strong in the medium and long term. The relevant stock sectors are expected to continue to benefit, and the stock prices of silver mining enterprises, precious metal ETFs, and companies related to the industrial chain are expected to rise along with the increase in silver prices. The future performance of silver and its related assets deserves attention.