Silver is making a strong comeback after a dip earlier in the year, outperforming gold in the second quarter. Dennis Karp, Executive Chairman of Manuka Resources (ASX:MKR), notes that silver has increased 10% since the start of the quarter, compared to gold’s 8% gain. Manuka Resources is an Australian gold and silver explorer focused on restarting production at its Wonawinta Silver Project. The company aims to capitalise on the rising silver prices.
According to Karp, silver is now 35% higher than its post-‘Liberation Day’ lows and has significantly strengthened against gold. While it recently hit a 14-year high of US$37.30 an ounce, it remains below its all-time high. However, in Australian dollar terms, silver reached a record $57.50 an ounce in June. Manuka Resources anticipates silver will test its all-time high of US$50 an ounce in the third quarter of 2025, potentially reaching $75 an ounce.
Other industry experts share this bullish outlook. Gary Thompson, CEO of Silver47 Exploration (TSX-V:AGA), believes silver is headed for US$50 an ounce, driven by industrial demand and catching up to gold’s performance. Jason Weber, CEO of Silver North Resources (TSX-V:SNAG), also sees continued gains in the second half of 2025. Robert Eadie, CEO of Starcore International Mines (TSX:SAM), notes the limited number of pure silver producers contributes to the positive outlook.
The Silver Institute reports that global silver demand exceeded supply for the fourth consecutive year in 2024, resulting in a significant market deficit. This demand is fuelled by the green economy, vehicle electrification, photovoltaic applications, and the growth of artificial intelligence. Manuka Resources is currently working to restart production at its Wonawinta Silver Project to leverage these favourable market conditions.
