APMEX: Record spot milestone reflects tight supply, record industrial use, and safe haven flows

OKLAHOMA CITY, Oct. 9, 2025 /PRNewswire/ -- The spot price of silver has set a new all-time high, surpassing the previous record of $49.45 set in 1980 and crossing $50 per troy ounce for the first time. APMEX®, one of the nation's largest online precious metals retailers, said the move caps a year of powerful tailwinds for silver. Prices climbed on a combination of macro safe haven demand as gold posted successive records amid rate cut expectations and geopolitical risk. Another significant driver is structural market tightness specific to silver, led by record industrial demand from photovoltaics and electrification.

"No matter where prices move, APMEX continues to focus on delivering exceptional service and value," said Ken Lewis, CEO of APMEX. "Our customers count on us for access, reliability, and expertise in every market environment."

Why it's happening

Macro backdrop: Gold's surge to fresh records has coincided with persistent safe haven flows, Fed rate cut expectations, and U.S. dollar softness, conditions that historically support silver. The U.S. government shutdown that began midnight on September 30th increased immediate demand for hard assets, extending the most recent rally. As gold pushed to new highs in early October, silver advanced toward the $50 threshold.

Industrial demand at records: The Silver Institute reports record industrial demand of 680.5 million ounces in 2024, with PV, grid, EV, and electronics use leading the gains; industrial uses now account for roughly 60% of total demand.

Persistent supply deficits: The market is on track for a fifth consecutive annual deficit in 2025, with analysts estimating a shortfall on the order of ~120+ million ounces after a deep deficit in 2024.

Historic Context: Gold's Record and Silver's Milestone

Earlier this month, gold surpassed $4,000 per ounce for the first time in history, setting a new all-time high amid strong safe-haven demand, geopolitical uncertainty, and expectations of monetary easing. The momentum across the precious metals complex helped pave the way for silver's surge to $50.

Silver's new high carries particular historical weight. The previous all-time record dates back 45 years to January 1980, when the market—driven by heavy speculative activity—briefly touched about $50 on COMEX futures and $49.45 on the London fix. More than three decades later, in April 2011, silver again rallied to $49.21 per ounce but fell just short of claiming the new record.

Today's break above $50 in spot silver officially sets a new nominal all-time high, underscoring both how rare this level has been in modern trading history and how strongly underlying fundamentals have evolved since those prior peaks. The move also highlights how silver's dual role as both an industrial and investment metal continues to drive long-term value for the global market.

About APMEX

APMEX LLC, part of Bullion International Group, is one of the nation's largest online retailers of precious metals. It offers a wide selection of gold, silver, platinum, palladium, and numismatic products to customers worldwide. Headquartered in Oklahoma City, APMEX has been in business for over 25 years, has done over $18BN in retail customer sales, has over 2 million customers, and has over 30,000 products in stock. To learn more, visit APMEX.com.

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SOURCE Bullion International Group