Silver Price Hits All-Time High Leaving Gold Behind — What’s Next?

Silver shocked the market over the weekend by surging past its previous highs and reaching a new all-time high of $58.90

While Gold has been recovering, Silver is the asset stealing headlines, and traders are asking the same question:

Why is Silver going up, and why is it outperforming Gold so dramatically?

Here’s what the charts and macro data reveal.

Why is Silver Going Up?

Japanese 30-year bond yields have surged above 3.41%, reaching the highest-ever levels.

The 10-year and 20-year bond yields are also at their highest levels since 2008 and 1999, respectively.

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Analyst Nick believes that this has caused a sell-off in risk assets and a rally in safe havens.

An increase in Japanese base rates & strengthening of Yen leads to an unwind of the carry trade (borrowing in Yen, buying risk assets). Hence the reason for the selloff in risk assets (Bitcoin, stock futures etc.) & the rally in safe havens (Gold) he stated.

The violent unwind of the Yen carry trade could have massive repercussions for the bond market, especially when combined with the end of quantitative tightening.

Japan is one of the largest buyers of U.S. debt, so its stepping back could be catastrophic.

THE CHART THAT SHOULD TERRIFY EVERY PORTFOLIO MANAGER ON EARTH

Japan’s 10 Year Government Bond Yield just hit 1.84%.

The highest since April 2008.

Up 11.19% in a single session.

You need to understand what this means.

For three decades, Japan was the anchor. Zero rates.… https://t.co/1mpX0HuPdp

— Shanaka Anslem Perera ⚡ (@shanaka86) December 1, 2025

However, this does not fully explain why Gold is not moving in tandem with Silver.

Rather, the fact that Gold was the first to lead while Silver followed could be the main reason why Gold is now lagging.

Now the latter is entering its own breakout phase, and it’s far more explosive.

Silver Hits All-Time High Price?

The Silver price broke out from a 25-year horizontal resistance area last month.

It is one of the most massive breakouts in any type of chart, and will likely trigger a long upward movement.

Despite the massive price increase, this is only the second successive bullish 3-month candlestick.

So, the price increase could continue further, at least until $73.

All eyes are on that level, since the 1.61 external Fibonacci retracement often acts as a temporary top once the price reaches it.

Silver Versus Bitcoin

An interesting chart to watch is that of Bitcoin/Silver.

While the ratio hit a new all-time high in 2024, it has crashed considerably since.

Silver versus Bitcoin:

One Bitcoin can now buy 1,458 ounces of silver, the least since October 2023.

This comes as the Bitcoin-to-Silver ratio has plunged -58% since the start of the year, when one Bitcoin could purchase ~3,500 ounces of silver.

Since August, the ratio has… pic.twitter.com/PpEDNMZgwc

— The Kobeissi Letter (@KobeissiLetter) December 2, 2025

At its highs, a Bitcoin was enough to buy 3,500 ounces of silver.

Today, that number has fallen to 1,458.

This reiterates that previous metals are in a league of their own based on their performance this year.

Gold Lagging Behind?

Even though Gold is lagging behind Silver, its November performance is nothing to scoff at.

Gold returned 6.0% in November, marking its 10th monthly positive return in 11 months.

While Gold’s price is only 4% below its all-time high, the price movement is concerning.

The chart shows that Gold’s rally is an A-B-C correction contained within an ascending parallel channel.

Hence, the channel’s resistance trend line at $4,300 could be the end of the rally.

Unless Gold’s price breaks through decisively, the most likely future movement is an eventual breakdown.

Silver, on the other hand, has already cleared its long-term resistance, giving it room to run.

Silver’s Rally Will Continue

Silver’s powerful breakout has put it firmly in the driver’s seat, overshadowing Gold.

For now, the charts make one thing clear: Silver will continue going up after its once-in-a-generation breakout.

About the Author

Valdrin Tahiri

Valdrin Tahiri is a cryptocurrency analyst and reporter at CCN, specializing in technical analysis with a focus on Elliott Wave theory, on-chain metrics, and fundamental research. He brings over seven years of experience in the crypto space as both a trader and writer.

He discovered cryptocurrencies in 2017 while earning his MSc in Financial Markets at the Barcelona School of Economics, which sparked a deep interest in blockchain and market dynamics. Since then, he’s contributed to top crypto outlets like BeInCrypto and CoinGape.

Valdrin also served as Community Manager of BeInCrypto’s Telegram group for three years, helping grow it into one of the largest crypto communities worldwide. His expertise in market structure and price patterns allows him to break down complex trends into clear, actionable insights.

He’s published thousands of articles covering altcoins, Bitcoin cycles, and macro trends.

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