Silver breaks above $80 for the primary time after which undergoes a dramatic reversal in a single day

A selection of 1-kilogram silver bars at precious metals dealer Conclude Zrt in Budapest, Hungary, on Monday, February 17, 2025.

Akos Stiller | Bloomberg | Getty Images

One of the best trades of the year just saw a massive reversal overnight.

Silver The price slipped more than 3% on Monday after breaking above $80 an ounce for the first time ever in overnight trading. The precious metal is still up more than 155% year to date. At the start of 2025, the price was over just $20 per ounce.

Silver futures were last trading at around $75.41 an ounce.

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Silver futures for March, current year

This has helped the precious metal even outperform gold this year. February gold futures, which recently topped $4,550 for the first time this month, are up more than 70% this year.

Gold futures recently fell by around 1.5%.

There are several reasons for the enormous profits. Along with gold, silver is considered a safe haven for investors wary of increasing geopolitical tensions and other risks such as the rising US deficit. The two metals are also considered stores of value, meaning they can serve as a hedge against a weakening U.S. dollar due to inflation or economic uncertainty. In addition, a weaker US dollar makes assets cheaper for other countries too.

Silver also benefited from strong industrial demand for electronics such as solar panels, data centers and electric vehicles.