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Silver staged an exceptional rally in 2025, gaining 161 per cent and breaking the US$80-per-ounce mark for the first time last month.\u00a0<\/p>\n
The metal outperformed gold, which rose 66 per cent over the same period.\u00a0<\/p>\n
Analysts attribute the price surge to a combination of strong industrial demand \u2013 particularly from electronics and renewable energy sectors \u2013 and a global supply shortage.<\/p>\n
The rally has drawn a wave of investor interest, with buyers snapping up silver bullion as prices climbed, further straining already limited supplies.\u00a0<\/p>\n
That rise in demand is now being felt on the ground.<\/p>\n
Bullion dealer Kwek Seow Bin told CNA sales of gold and silver at his shop jumped nearly sixfold from November to December, as customers rushed to lock in purchases amid rising prices.<\/p>\n
\u201cFor us dealers, we are not doing a lot of marketing. People are searching for us to buy physical metals,\u201d said Mr Kwek, owner of Singapore-based startup Metal & Picks.<\/p>\n
He added that the profile of buyers is also beginning to shift.<\/p>\n
Once dominated by mostly local and middle-aged customers, the heartland shop in Upper Boon Keng is now seeing younger buyers in their 20s \u2013 and even foreigners \u2013 snapping up silver bullion.<\/p>\n
That shift is partly driven by larger dealers running low on stock, pushing buyers to look elsewhere.<\/p>\n
Mr Kwek said about nine in 10 of his customers now opt for silver over gold, despite its greater volatility.\u00a0<\/p>\n
\u201cThe demand for physical (silver) is crazy,\u201d added Mr Kwek, who has raised profit margins on silver products and placed larger orders.<\/p>\n
\u201cSome (refineries), even when we send in orders, say that they don’t dare to take in orders. So right now we are on a waitlist.\u201d<\/p>\n
The retailer said it placed an order for about 300 pieces of 1kg silver bars last month, but has since been told the stock is only expected to arrive in March.<\/p>\n
That is a sharp slowdown from earlier periods, when orders typically took just one to two weeks to arrive.<\/p>\n
To cope, dealers told CNA they are placing larger orders and expanding online sales channels, as more buyers turn to digital platforms to secure bullion quickly.<\/p>\n<\/div>\n