Silver has been on a strong upward climb in recent weeks, moving in tandem with gold amid a wider rally in precious metals. The surge has been driven by persistent macroeconomic uncertainty, rising inflation concerns and growing expectations that the Federal Reserve will soon ease monetary policy. By late September and early October, spot silver prices had surged into the upper $40-per-ounce range, breaking through multi-year highs. Futures for October 2025 were trading near $48.01 per ounce, while continuous contract prices hovered around $47.73 for the front month.
Silver hit its all-time high of $49.57 per ounce on Oct. 8, 2025, receding slightly to close at $49.39. The price was up from around $46.07 on Sept. 28. This $3.32, or 7.2%, increase over just 10 days extended a steady rally that began earlier in September, underpinned by firm demand and limited supply. Three stocks that should benefit are Compania de Minas Buenaventura S.A.A. BVN, Coeur Mining, Inc. CDE and Fresnillo plc FNLPF.
Silver’s recent strength can be attributed to several key factors. Speculation about potential Fed rate cuts has encouraged investors to rotate into non-yielding assets like silver. Meanwhile, industrial demand, particularly from clean energy, solar panels, electronics and electric vehicle manufacturing, has provided a robust secondary boost, because silver’s superior conductivity and reflectivity make it essential in these segments. Adding to the bullish sentiment, physical supplies have remained tight in major trading hubs, and deliveries to U.S. COMEX warehouses have climbed, signaling sustained investor appetite.
This dual role as both a precious and industrial metal has allowed silver to outperform gold so far in 2025. Its sharper year-to-date gains highlight how it benefits not only from safe-haven flows but also from global manufacturing trends tied to the green transition.
Nevertheless, the rally has not been without risks. Silver remains susceptible to short-term corrections, profit-taking and liquidity swings, as well as any unexpected hawkish turns by central banks. Still, silver continues to demonstrate remarkable momentum and has firmly established itself as one of Wall Street’s standout commodities this year.
Our Choices
The stocks below flaunt a Zacks Rank #1 (Strong Buy) or #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Compania de Minas Buenaventura is an explorer and miner of, among other metals, silver, in Peru. BVN’s expected earnings growth rate for the current year is 4.4%. The Zacks Consensus Estimate for its current-year earnings has improved 16.1% over the past 60 days. BVN is a Zacks Rank #1 company.
Coeur Mining is a gold and silver producer with operations spanning Canada, Mexico and the United States. CDE’s expected earnings growth rate for the current year is 361.1%. The Zacks Consensus Estimate for its current-year earnings has improved 6.4% over the past 60 days. CDE is a Zacks Rank #1 company.
Fresnillo is a miner that explores for silver, gold, lead and zinc concentrates. FNLPF’s expected earnings growth rate for the current year is 352.8%. The Zacks Consensus Estimate for its current-year earnings has improved 13.2% over the past 60 days. FNLPF is a Zacks Rank #1 company.
Bottom Line
Silver has continued its strong upward momentum in recent weeks, outperforming gold amid growing investor optimism and industrial demand. Fueled by expectations of looser U.S. monetary policy and robust usage in clean energy and electronics, the metal’s rally reflects both safe-haven appeal and manufacturing strength. Despite risks of short-term corrections, silver remains one of Wall Street’s standout commodities, driven by tightening supply and sustained global demand.
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Coeur Mining, Inc. (CDE): Free Stock Analysis Report Buenaventura Mining Company Inc. (BVN): Free Stock Analysis Report Fresnillo PLC (FNLPF): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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