Silver’s 2025 breakout marked one of the metal’s most decisive shifts in more than a decade.
As the price pushed through longstanding resistance, investors, miners and policymakers reassessed its role in global markets, allowing silver to reassert itself as not only an industrial metal, but also a staple financial asset.
Looking back at silver’s record-breaking year, these are our most popular news stories of 2025.
1. Retail Investors Look to Trigger Silver Squeeze 2.0
Publish date: March 31, 2025
Silver received mainstream attention in March, with renewed calls for what supporters dubbed “Silver Squeeze 2.0,” reviving a theme that first gained prominence during the meme stock era of 2021.
Online chatter intensified ahead of March 31, with advocates urging coordinated purchases of physical silver to challenge what they saw as entrenched institutional control over the metal’s pricing.
Efforts traced back to a March 22 post on X by user @TheSqueakyMouse, which gained broader attention after being amplified by sector analyst Jesse Colombo. Colombo, who posts under the handle @TheBubbleBubble, has argued that the silver price is artificially suppressed by large financial institutions:
“Bullion banks like JPMorgan Chase (NYSE:JPM) and UBS Group (NYSE:UBS) suppress silver prices through aggressive naked shorting—but a coordinated surge of physical buying could catch them off guard and break their hold on the market.’
Colombo pointed to data showing that major banks hold net short positions equivalent to roughly 223 million ounces of silver, meaning a US$1 price increase could theoretically translate into US$223 million in losses for those positions.
2. Missouri Set to Recognize Gold and Silver as Legal Tender, Critics Raise Implementation Concerns
Publish date: May 12, 2025
Attention on precious metals took a more concrete form in Missouri. In May, the state’s General Assembly passed a Republican-backed amendment to a broader finance bill that recognizes gold and silver as legal tender.
The measure would require state entities to accept electronic forms of gold and silver for public debts, including taxes. Private businesses would not be required to accept precious metals, but could do so voluntarily.
Supporters argued that recognizing gold and silver offers a hedge against inflation and what they view as irresponsible federal monetary policy. Critics, however, questioned how the system would work in practice.
3. Silver Miners Deliver Record Q2 Earnings as Price Breaks Out
Publish date: August 19, 2025
Silver’s mid-year rally above US$35 per ounce translated into record or near-record earnings for many miners in Q2.
Pan American Silver (TSX:PAAS) reported record net earnings of US$189.6 million in the period, while First Majestic Silver (TSX:AG,NYSE:AG) posted its strongest quarter to date, nearly doubling revenue year-on-year.
Even mining companies facing production challenges, such as Fresnillo (LSE:FRES,OTC Pink:FNLPF), saw revenue growth driven by gold output and pricing strength.
4. Missing Silver Bars Bring Mining Community Together
Publish date: March 7, 2025
Amid those financial milestones, the mining community was united in March by a widely shared incident.
Following the Prospectors & Developers Association of Canada convention, two 10 ounce silver bars purchased by Kin Communications founder Arlen Hansen went missing after being checked in his luggage on an Air Canada flight.
The bars, worth about US$647, were intended for a silent auction benefiting Canadian children living with diabetes.
“I don’t need a refund, a free upgrade, or more points, this was stolen from the children who need it, not me,” Hansen wrote on X. The response from the mining community was swift. First Majestic Silver and its mint division volunteered to replace the lost silver, while others donated to Diabetes Canada and expressed support.
The incident also revived scrutiny of airline cargo security, particularly given Air Canada’s association with earlier high-profile precious metals thefts, including the 2023 gold heist at Toronto Pearson International Airport.
5. Pan American Silver Gets Green Light for US$2.1 Billion MAG Silver Deal
Publish date: August 25, 2025
One of this year’s most consequential silver M&A developments came when Pan American received final clearance from Mexico’s Federal Economic Competition Commission for its US$2.1 billion acquisition of MAG Silver.
The approval paved the way for the deal to close in early September, combining Pan American with one of the world’s highest-grade primary silver assets, Juanicipio.
Under the terms, MAG shareholders were to receive either cash or Pan American shares, leaving them with about 14 percent of the combined company on a fully diluted basis.
“This strategic acquisition further solidifies Pan American as a leading Americas-focused silver producer,” Pan American CEO Michael Steinmann said when the deal was announced.
He added that Juanicipio “will meaningfully increase Pan American’s exposure to high margin silver ounces,” while also providing longer-term growth through MAG’s exploration properties in Utah and Ontario.
Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.
