Silver prices surged nearly 170 percent in 2025, significantly outperforming gold's 76 percent rise, causing the gold-silver ratio to drop from 110 to 65. This indicates silver's faster appreciation and physical supply tightness, with backwardation signaling acute shortages. Silver's gains were driven by industrial demand from the energy transition, while gold benefited from safe-haven flows amid geopolitical uncertainty. Both metals are seen as strategic assets for 2026, supported by central bank buying and currency volatility.