世界白银协会：2025年世界白银调查报告（英文版）

As gold has hit new highs, silver would have been expected to outperform, to the upside  However, the gold:silver ratio has trended higher over the past three years:  Gold attracting the safe-haven bid  Gold also benefiting from record/near record central bank demand  Ongoing concerns about the Chinese economy  Exacerbated by escalating China:US trade war and broader tariff uncertainty