iShares Silver Trust (NYSE:SLV) is trading higher on Friday. Silver continues to outperform gold performance-wise as of recent.
What To Know: Spot silver has skyrocketed more than 85% in 2025, jumping from under $30 an ounce to above $54 by October, according to Benzinga.
Looking ahead, consultancy firm Metal Focus expects silver could reach $60 next year. The rally is being fueled by tight inventories, steady investor inflows and a structural supply shortfall. London stockpiles remain thin after heavy withdrawals tied to strong Indian demand, rising ETF holdings and precautionary buying in the U.S.
Industrial demand for silver jumped to 689.1 million ounces in 2024, up from 644 million the year before. Solar panels were a big driver, consuming 244 million ounces — a sharp rise from 191.8 million in 2023 and more than double the 94.4 million used in 2020.
Global solar capacity additions reached about 600 gigawatts in 2024 and are on track to climb toward 1,000 gigawatts by 2030. The International Energy Agency projects that roughly 4,000 gigawatts of new solar capacity will be installed worldwide between 2024 and 2030.
That growth suggests solar alone could lift silver demand by roughly 150 million ounces annually by 2030.
SLV Analysis
iShares Silver Trust’s year-to-date performance of 88.8% highlights the underlying strength in silver prices and investor sentiment towards precious metals.
Currently, SLV is trading significantly above its calculated support level of $44.94, indicating robust demand and a positive outlook among investors. The absence of a defined resistance level suggests that the stock may continue to push towards the 52-week high, which could act as a psychological barrier for traders. With the stock’s recent surge, it’s necessary to watch for any signs of pullbacks that could provide buying opportunities.
The stock’s current price action suggests that it is likely trading well above these averages, reinforcing the bullish trend. The RSI signal remains neutral, indicating that while the stock has experienced significant upward movement, there is still potential for further gains without being overbought.
SLV Price Action: iShares Silver Trust is up 5.92% at $51.27 at the time of publication on Friday. The stock is trading at a new 52-week high, according to Benzinga Pro.
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