The gold price seems to be taking a breather in its months-long price rally, partly due to technical factors. Various analysts believe that silver could now come to the forefront.

Uncertainties in global markets remain high – not least due to the erratic tariff policy of the Trump administration – but have recently eased somewhat. While gold as a safe haven doesn’t seem to be in quite as much demand at the moment, this slight shift in sentiment could potentially give silver a boost.

Silver is Still Clearly Undervalued Compared to Gold

Silver, both a precious and industrial metal, has not been able to match the record run of the gold price, so the gold-silver ratio – how many ounces of silver it takes to buy one ounce of gold – remains at a very high level near a value of 100. According to many observers, this is because gold is seen as a hedge against recent uncertainties, while a large part of silver demand comes from industry, which has weakened due to uncertainties in international trade.

Nevertheless, analysts and market observers still consider silver to be heavily oversold compared to gold in the medium term, even at $33 per ounce, and moderately oversold in absolute terms. In particular, the silver price could benefit significantly more than gold if trade policy were to normalize somewhat or even completely, and confidence in higher economic growth were to increase, it was said.

Additionally, many market observers expect interest rate cuts in the US for the rest of the year, which could also support the silver price. Given the uncertain state of the global economy, markets are currently expecting four interest rate cuts in 2025, with expectations for a rate move as early as June rising. This would further increase the money supply, which would weaken the US dollar and strengthen the industrial and precious metal. Overall, a return to looser monetary policy would support the upward movement of precious metal prices, according to experts.

Which Stocks Will Benefit?

If the silver price does indeed break out towards $40 or even $50 per ounce in the foreseeable future, as assumed by author and silver bull Peter Krauth in the Goldinvest.de interview https://www.youtube.com/watch?v=iMHrJNwwIqQ, for example, primary silver producers would naturally benefit. However, there are only a few of these, Hecla Mining (WKN 854693) would be an example, as silver is mainly produced as a by-product.

Another way to participate in the potential further upswing of the silver price would be the so-called silver explorers, who are still searching for significant deposits of the metal. Here at Goldinvest.de, we have – in some cases for quite some time – several promising silver explorers on our watch list. With Silver47 Exploration (Frankfurt A408EQ / TSXV AGA) and Summa Silver (Frankfurt A2P4EE / TSXV SSVR), two of these companies already have considerable resources, which are to be significantly expanded once again. Silver47 Exploration in particular shows ambition with an exploration target of 1 billion ounces of silver equivalent.

Terra Balcanica Resources (Frankfurt A40DA5 / CSE TERA) is not quite as far along. However, according to their own statement, CEO Aleksandar Miskovic’s company has already presented some world-class drilling results on its flagship project in Bosnia and Herzegovina, and recently also attracted attention with high antimony contents. CEO Miskovic therefore wants to bring the Viogor Zanik project to an initial resource estimate as quickly as possible. Another drilling program is set to begin shortly.

Cerro de Pasco Resources (Frankfurt A2N7XK / TSXV CDPR) also potentially has enormous quantities of silver, among other things, on the huge Quiulacocha tailings project in Peru, which they were able to impressively substantiate with a first drilling program from last year. In view of this success, another extensive drilling campaign is planned for the coming months.

Gold and silver can also be found on the projects of Tocvan Ventures (WKN A2PE64 / CSE TOC). However, the company no longer wants to be a pure explorer, but plans to set up a kind of pilot production on one of its projects in the near future. We recommend the current video from our colleagues at Battery Commodity: