2025 – A White (Metals) Christmas

Silver and platinum, often referred to as the ‘white metals’, have both experienced an exceptional run in December 2025. Prices for each metal have risen sharply, attracting increased attention from retail investors as the year draws to a close. 

Silver

At the time of writing silver is just pennies shy of a record-breaking £50/oz and is up over 100% in 2025 year to date in GBP.¹ A combination of longer‑term structural trends and near‑term developments appears to have contributed to this strong performance, particularly linked to silver’s industrial applications: 

• Strategic importance: In 2025, the US Department of the Interior added silver to its Critical Minerals List for the first time, ² highlighting its growing importance to economic and national security.
• Technology and AI growth: The expansion of artificial intelligence is expected to drive rapid growth in data centres, where silver is valued for its superior electrical conductivity. Silver is often unsuitable for heavy use in consumer electronics due to its propensity to corrode, but in temperature and humidity controlled environments its low price point and efficiency makes silver the ideal conductor in electrical components 
• Supply and trade dynamics: China has tightened export regulations for silver, reflecting a broader global trend towards resource protectionism. ³  This comes amid concerns over low silver stock levels in the world’s largest producer of solar panels. The solar photovoltaic sector accounted for 29% of all industrial silver demand last year.⁴
• Electric vehicles: The continued adoption of electric vehicles may also be supporting demand, as EVs typically use more silver in their electrical components than traditional internal combustion engine vehicles.⁵
• Market balance: Analysis from The Silver Institute suggests the silver market is heading for its fifth consecutive year in which demand exceeds supply, ⁶ with demand expected to remain robust into 2026. ⁷

Platinum

Platinum prices have been rising steadily since mid‑2025, with December’s rally pushing prices above £1,400 per ounce in GBP terms – a record level.⁸ The metal is up around 95% year‑to‑date, drawing significant interest from investors. ⁹ Several factors may be influencing platinum’s performance:

• Green energy applications: Platinum plays a key role in the development of green hydrogen technologies, where it is used as a catalyst. Earlier in 2025, the UK Government announced £500 million of funding for hydrogen infrastructure projects, which may support longer‑term demand. 
• Automotive trends: The slowing pace of the European Union’s transition to fully electric vehicles¹⁰ has led some investors to reassess demand forecasts. Platinum is widely used in catalytic converters for petrol and diesel vehicles, and sustained production of these vehicles could support demand beyond previous expectations. 
• Market developments in China: The launch of platinum derivative trading on the Guangzhou Futures Exchange – the first of its kind in China – has created a new avenue for investment and trading, requiring substantial inventories of physical platinum.¹¹

The strong performance of silver and platinum in 2025 reflects a mix of industrial demand trends, policy developments, and evolving market structures. For retail investors, these moves highlight the dual nature of white metals as both precious metals and industrial materials. 

However, sharp price rises can also increase volatility. Future returns will depend on factors such as global economic conditions, technological adoption rates, government policy, and supply responses from producers. Investors may therefore wish to consider silver and platinum as part of a diversified portfolio, and to assess how these metals align with their wider investment strategies and views. 

So while chances of snow on Christmas Day may be fading for most in the UK,¹² we hope silver and platinum investors can at least enjoy the increased value of their holdings over the festive period. 

Wishing you a very happy Christmas and a prosperous new year from all at The Royal Mint. 

Notes 

The content of this article is accurate at the time of publishing, is for general information purposes only, and does not constitute investment, legal, tax or any other advice. Before making any investment or financial decision, you may wish to seek advice from your financial, legal, tax and/or accounting advisers.   
>This article may include references to third-party sources. We do not endorse or guarantee the accuracy of information from external sources, and readers should verify all information independently and use external sources at their own discretion. We are not responsible for any content or consequences arising from such third-party sources. 

Sources

[1] Last LBMA silver price of 2024: £23.05, price on 17th December 2025: £49.49
[2]https://www.usgs.gov/news/science-snippet/interior-department-releases-final-2025-list-critical-minerals
[3]https://english.mofcom.gov.cn/News/SpokesmansRemarks/art/2025/art_c202dcc0433d476db52b1e7f7fe53926.html
[4]https://silverinstitute.org/silver-supply-demand/
[5]https://silverinstitute.opt-wp.cloud.bosslogics.com/wp-content/uploads/2021/01/SilverAutomotive_MmktTR2021.pdf
[6]https://silverinstitute.org/the-silver-market-is-on-course-for-fifth-successive-structural-market-deficit/
[7]https://silverinstitute.org/silver-demand-forecast-to-expand-across-key-technology-sectors/
[8] LBMA PM platinum price as of 17th December: £1,427.18
[9] 17th December price compared to last LBMA price of 2024: £728.29
[10]https://www.bbc.co.uk/news/articles/crk78y7k8ezo
[11]https://platinuminvestment.com/about/60-seconds-in-platinum/2025/11/27
[12]https://www.bbc.co.uk/weather/articles/cr7l1zy32e5o