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Silver combines two roles: it's held for some of the same reasons as gold, as protection against inflation or a weak dollar, and it's also an industrial material used in solar panels, electronics, and EVs.
Key factors in play: The world has used more silver than it's mined for several years running, according to the Silver Institute, driven mainly by growing demand from solar panels and other manufacturing. The U.S. added silver to its list of critical minerals in 2025, reflecting its industrial importance. Solar makers have also been working to use less silver per panel to cut costs, which could ease that shortage over time. Silver's price still tends to move with the same broader forces as gold, like the Fed, the dollar, and inflation data.
What to watch: How silver trades relative to gold (the "gold/silver ratio"), Federal Reserve meetings, and CPI releases.
