Skip to content

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Please ensure you fully understand the risks involved.

Macro Intelligence

Silver prices hit 14-year high, boosting ASX stocks

In this week’s edition of IG Macro Intelligence, we explore the recent surge in the silver price and related Australian Stock Exchange stocks to watch.

Video poster image

Written by

Juliette Saly

Juliette Saly

News Director and Anchor, ausbiz TV

Published on:

Sterling silver surge

Silver has topped US$45 an ounce for the first time in 14 years, rising around 55% this year and outpacing gold's gain of just over 40%.

Sterling silver chart

Sterling silver cchart Source: Bloomberg
Sterling silver cchart Source: Bloomberg

Silver prices have surged as investors shift toward defensive, safe-haven positions. A looming United States (US) government shutdown has added momentum to gold prices, hitting a fresh record and boosting demand for silver.

Silver supply and demand chart

Silver supply and demand chart Source: Refinitiv
Silver supply and demand chart Source: Refinitiv

Major banks and analysts have raised short-to-medium-term outlooks for silver in 2025, citing strong gold momentum, supply deficits, and industrial demand.

Shining prospects

Andean Silver (ASX:ASL)

Australia is a leading silver producer, with silver production often a by-product of mining other metals like gold, copper, lead, and zinc.

Andean Silver has outperformed the metal price, climbing almost 70% over the past year. Its shares show a strong bullish trend, with the five-day moving average above the stock’s 20 and 50-day averages.

A longer-term bullish signal shows the 200-day moving average also trending higher, showing investors are interested in holding the stock longer term.

Andean Silver daily candlestick chart

Andean Silver daily candlestick chart Source: IG
Andean Silver daily candlestick chart Source: IG

Legacy Mineral Holdings (ASX:LEG)

Legacy Mineral Holdings explores silver, gold, and other metals across projects in New South Wales (NSW).

Although up just 15% in the last 12 months, technical indicators suggest a strong bullish trend.

Legacy Mineral Holdings daily candlestick chart

Legacy Mineral Holdings daily candlestick chart Source: IG
Legacy Mineral Holdings daily candlestick chart Source: IG

Polymetals Resources (ASX:POL)

Polymetals Resources, which develops and produces silver, zinc, and lead, has seen shares rise 300% over the past year. 

Polymetals Resources daily candlestick chart

Polymetals Resources daily candlestick chart Source: IG
Polymetals Resources daily candlestick chart Source: IG

Ord Minnett retains a 'speculative buy' on the stock but has lowered its price target by 5% to $1.30, citing challenges like production ramp-up, first free cash flow, and potential re-rating in fiscal year (FY) 2026.

Polymetals Resources historical trends and price targets

Polymetals Resources historical trends and price targets chart Source: Refinitiv
Polymetals Resources historical trends and price targets chart Source: Refinitiv

Precious potential

The continued rise in silver prices is expected to boost materials stocks further.

Mark Gardner from MPC Markets sees silver prices heading north of $60, expanding margins for silver miners with all-in sustaining costs around the $20 mark. This expansion is expected to push related stocks significantly higher, benefiting industry giants like BHP as well.

Important to know

This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.

 

Ready to open an IG account?

Start your trading journey now