The gold-silver ratio fell back to 94, coupled with the influx of ETF funds, silver futures soared to a 13-year high

Silver futures surged to their highest level in more than 13 years on Thursday as investor demand for the safe-haven properties of precious metals expanded from gold to silver. Comex July silver futures rose 4% to $36.03 an ounce on Thursday, and rose to $36.27 during the session, the highest level since February 2012, data showed. In contrast, gold futures were little changed on the day.

Silver has risen more than 20% in the past year, but still lags behind gold's gains. Gold has risen 44% in the past 12 months as the escalating tariff war has enhanced gold's safe-haven appeal, while central banks have maintained high levels of gold purchases.

The gold-silver ratio, which measures the relative value of gold to silver, is currently close to 94. By comparison, the ratio reached 105 in April this year, the highest level since May 2020. Analysts said the decline in the ratio was caused by silver's relative underperformance relative to gold due to concerns about the economy - about 70% of silver demand comes from industrial uses.

At the same time, silver prices have also been boosted by a large influx of funds into silver ETFs. Data showed that silver ETF holdings increased by 2.2 million ounces on Wednesday alone. Although the structural imbalance between supply and demand continues, the silver market is expected to have a structural supply gap for the fifth consecutive year in 2025, but according to the Silver Institute's forecast, this gap is expected to narrow by 21% in 2025.