Silver's Superior Returns: Why This White Metal Had Better Performance Than Gold Over 12 Months

When comparing the precious metals market from February 2025 through February 2026, one story dominates: silver significantly outpaced gold in returns. While both metals delivered impressive gains, silver’s exceptional performance had better fundamentals and market tailwinds supporting its rally.

Gold’s Solid Rally: An 85–95% Gain

Gold opened the period around $2,600–$2,700 per ounce in early 2025 and has climbed to approximately $5,040–$5,060 currently. This represents a robust advance of roughly 85–95%, with 2025 alone contributing approximately 65% of these gains in many reports. The yellow metal’s ascent reflects persistent inflation concerns, geopolitical tensions, and strong central bank demand worldwide.

Silver’s Exceptional Surge: 170–190% Returns

Silver’s performance trajectory tells an even more compelling story. Starting the year around $28–$30 per ounce, the white metal surged to $81–$83 in the current period—reflecting eye-catching gains of 170–190%. Many aggregates recorded 2025 gains between 145–150%, with some sources reporting even higher percentages near 163%. Despite corrections in early February 2026 from peaks exceeding $100–$120 per ounce, silver remains substantially higher than starting levels.

What Drove Silver’s Outperformance

The disparity between silver and gold wasn’t random. Several structural factors had better positioned silver for stronger appreciation. Industrial demand exploded across solar manufacturing, electric vehicle production, and consumer electronics—sectors consuming vast quantities of the white metal. Simultaneously, supply constraints tightened, creating persistent deficits. Speculators amplified moves on both sides, magnifying volatility while driving net gains higher for silver.

Early 2026 Volatility and the Shifting Gold/Silver Ratio

Both metals reached historic peaks in late 2025 and January 2026, with gold trading above $5,600 and silver briefly exceeding $120 per ounce. February’s pullback proved sharp: gold retreated roughly 25% from its peak within days, while silver experienced even steeper declines—dropping 40% or more in certain stretches.

Yet the broader context remains bullish for silver. The gold/silver ratio, which stood at approximately 90–100:1 in mid-2025, has compressed to roughly 62–65:1 today. This tightening ratio represents a textbook signal of silver’s ongoing relative strength, confirming that despite recent weakness, the white metal had better momentum than gold over the full 12-month window.