After decades of playing second fiddle to gold, silver and platinum are beginning to attract serious attention from global investors and asset managers. A combination of industrial demand, macroeconomic shifts, and changing investor behaviour is pushing these two precious metals into the spotlight, challenging traditional assumptions about what constitutes a safe-haven asset.
Silver’s strength in numbers
Silver prices rose nearly 18% in 2024, outperforming gold and continuing their upward trend into 2025. According to Saxo Bank, silver recently broke past the $28/oz barrier, marking its highest level in nearly a decade. As of April 2025, silver was trading above $30/oz, driven by a combination of speculative buying and robust industrial demand, particularly in solar panel and electronics manufacturing.
The solar sector is a key tailwind. According to the Silver Institute, photovoltaic (PV) demand for silver is expected to reach a record 200 million ounces this year, representing a 20% increase from 2024. With solar installations booming across China, India, and the US, silver’s role as a core material in energy transition technologies is becoming a powerful pricing catalyst.
Additionally, retail and institutional investors are showing renewed interest in silver-backed ETFs and physical bullion. “There’s a clear shift underway,” said Ole Hansen, Head of Commodity Strategy at Saxo Bank. “Investors are looking at silver not just as a gold proxy, but as a metal with its own fundamentals—backed by industrial growth, limited supply expansion, and inflation hedging.”
The devil’s metal gets a clean reputation
Silver’s reputation as the “devil’s metal” for its volatility may still hold, but analysts say the structural drivers today are more stable than in past cycles. Unlike previous spikes tied solely to speculative trading, current momentum reflects long-term demand growth and monetary uncertainty. The weakening dollar, persistent inflation in key economies, and questions over US fiscal sustainability are all fuelling safe-haven flows into alternative metals.
Data from NDTV Profit suggests that silver ETF holdings increased by 7% in the first quarter of 2025, while Comex positioning indicates a steady build-up in net long contracts. This signals that institutional players are taking longer positions in silver, potentially recalibrating portfolio hedges as gold’s upside shows signs of saturation.
Platinum finds a floor, and possibly a ceiling
While silver gains traction, platinum is also beginning to stage a recovery, albeit more quietly. Prices rose above $1,000/oz in early 2025, boosted by expectations of supply constraints and growing demand in the hydrogen economy. According to Saxo Bank, investor sentiment on platinum is shifting from cyclical to strategic.
South Africa, which accounts for more than 70% of global platinum supply, continues to face production disruptions due to power shortages and infrastructure challenges. At the same time, Europe and China are increasing investments in fuel cell electric vehicles (FCEVs), where platinum is a crucial component in proton exchange membrane (PEM) technology.
“Platinum may not yet be the darling of safe-haven buyers, but its industrial profile is gaining appeal as investors look for assets aligned with decarbonisation trends,” noted Saxo Bank in its April commodities outlook.
Beyond the gold benchmark
For decades, gold has been the benchmark for crisis hedging and liquidity protection. However, with central banks and institutions now holding significant reserves and retail investors heavily exposed, analysts suggest that the marginal demand for gold may plateau. In contrast, silver and platinum offer exposure to both monetary themes and real-world applications, giving them dual appeal in a macro environment where traditional assets are under pressure.
Recent volatility in US Treasury markets, coupled with ongoing geopolitical uncertainty, has amplified calls for diversification within the commodity space. According to Financial Express, hedge funds and multi-asset portfolios are increasingly layering silver and platinum into their inflation-protection strategies.
In Asia, demand for physical silver and platinum jewellery has picked up, particularly in India, where investors are shifting toward metals as a hedge against currency depreciation and financial market volatility.
Are silver and platinum safe-haven contenders?
The key question remains: can silver and platinum truly join gold as safe-haven assets?
“Not yet, but they’re on their way,” said one commodities strategist quoted in The Economist. “What we’re seeing is the market re-evaluating the role of precious metals beyond gold. Silver has industrial depth. Platinum has strategic scarcity. Both are becoming more relevant in a world defined by energy transition and fiscal volatility.”
Regulatory clarity and liquidity remain challenges. Silver markets, while larger than platinum, are still prone to price swings, and platinum’s industrial dependencies make it vulnerable to demand shocks. However, increased ETF access, improving storage infrastructure, and integration into ESG-linked portfolios are all signs of growing maturity.
Silver and platinum may not dethrone gold anytime soon, but the composition of “safe-haven” is evolving. Investors are now seeking assets that can store value while providing exposure to long-term trends, such as clean energy, deglobalisation, and digital infrastructure.
With silver breaking out of its decade-long range and platinum regaining relevance, both metals are now part of a broader conversation about what defensive investing looks like in a structurally shifting world.
