• Spot silver rose to $109 an ounce on January 26, after crossing $100
• Prices jumped 147% in 2025, far outpacing gold
• Morocco stands out in Africa as a key beneficiary of the rally

After breaking through the $100-an-ounce threshold last Friday, spot silver climbed to a new all-time high of $109 an ounce on January 26. The rally comes in the wake of gold, which hit a fresh record above $5,000 an ounce on the same day, extending a price surge that has been underway for several months.

Silver prices rose 147% in 2025, far exceeding gains recorded by gold. While it took about 105 ounces of silver to buy one ounce of gold last April, the ratio has now narrowed to around 50. The surge in silver prices is largely driven by the same forces supporting gold, notably its role as a safe-haven asset.

As a precious metal, silver allows investors to hedge against volatility linked to current geopolitical and economic tensions. Falling interest rates, which increase the appeal of non-yielding assets such as silver, have also supported prices. In addition, the silver market has been in a structural deficit for several years. The Silver Institute has projected a fifth consecutive annual deficit in 2025.

Outside Morocco, few African countries are directly exposed to the economic impact of the price surge. The North African country is the continent’s leading silver producer, driven by Morocco’s Managem and Canada’s Aya Gold & Silver. In 2025, Aya increased its production by 193% year on year, supported by the commissioning of a new processing plant at the end of 2024.

Emiliano Tossou