Silver prices hit 14-year high, boosting ASX stocks

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

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

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

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

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

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

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.