Silver vs. S&P 500: The 2025 Showdown

While the world spent 2025 obsessing over AI darlings like Nvidia and Apple, a much older asset was quietly staging a historic coup. Silver didn’t just participate in the 2025 bull market—it dominated it, crushing the S&P 500’s returns by nearly eightfold.

Silver vs. S&P 500: The 2025 Showdown

Silver vs. S&P 500: The 2025 Showdown

But for many investors, the year ended with a bittersweet lesson in timing. On December 29th, silver hit a breathtaking intraday high of $84.03, only to see those gains evaporate into a $72 close by New Year’s Eve. In a year where even a humble CD returned a steady 4.5%, the silver roller coaster proved that while the ‘poor man’s gold’ can outrun Wall Street’s tech giants, it only pays off if you know exactly when to step off the ride.

Here is the breakdown of how silver performed in 2025 compared to a CD, the S&P 500, and major tech stocks.

Silver vs. S&P 500: The 2025 Showdown


Silver: The 2025 Outlier

Silver experienced a historic run in 2025, reaching levels not seen in decades. It began the year as a relatively quiet asset and ended with record-breaking gains.2

  • Price on January 2, 2025: ~$28.90 per ounce

  • Price on December 31, 2025: ~$72.03 per ounce3

  • Total Annual Gain: +149.2%


Comparison: Silver vs. Other Investments

While our previous discussion highlighted that silver usually lags behind over 10–20 years because it lacks “compounding,” 2025 was the year the “momentum” shifted entirely toward metals.

InvestmentApprox. Start (Jan 2025)Approx. End (Dec 2025)2025 Total Return
Silver$28.90$72.03+149.2%
Nvidia (NVDA)~$130.00$186.50+43.5%
Apple (AAPL)~$185.00$271.86+46.9%
S&P 5004,7305,575+17.9%
Microsoft (MSFT)~$375.00$483.62+28.9%
1-Year CD4.50% APY4.50% APY+4.5%

Key Takeaways from 2025

  1. The Rare Win for Metals: In most years, the S&P 500 or high-growth tech like Nvidia beats silver. However, 2025 saw silver jump nearly 150%, outperforming even the “AI darling” Nvidia by a massive margin.

  2. The Opportunity Cost of a CD: While a CD is safe, its 4.5% return in 2025 felt like standing still compared to the 17.9% of the broader stock market or the explosion in silver.

  3. Volatility: It is worth noting that while silver ended the year at $72,03. it hit a 52-week high of over $84.03 just days before the year ended. This level of volatility is why we usually treat it as a speculative play rather than a foundational “interest-earning” account. The Chicago Mercantile Exchange (CME) raised margin requirements three times in December to cool off the “silver squeeze,” and the final hike on December 29th triggered a massive wave of profit-taking. It plummeted nearly 11% in a single day, which is why it ended the year closer to $72.

    Silver vs. S&P 500: The 2025 Showdown

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