Silver's Superior Rally: Analyzing the Gold-Silver Performance Gap Through an RTK Framework

Over the past year (February 2025 through early 2026), precious metals have delivered wildly divergent returns, with silver dramatically outpacing gold. Using an RTK-based comparative analysis, the performance gap reveals important market dynamics that go beyond simple price movements.

Gold’s Steady Appreciation: From $2,600 to Historic Peaks

Gold entered early 2025 trading in the $2,600–$2,700 per ounce range, climbing to approximately $5,040–$5,060 per ounce by late February 2026—a gain of roughly 85–95% over the twelve-month period. The metal’s 2025 performance alone delivered approximately 65% in many market reports. Gold reached historic highs surpassing $5,600 per ounce in late 2025 and January 2026, before experiencing a significant pullback of 25% or more within days as February arrived.

Silver’s Explosive Surge: A 170–190% Rally Reshapes the Landscape

Silver’s performance tells a more dramatic story. Starting the period around $28–$30 per ounce, the metal surged to approximately $81–$83 per ounce, representing gains between 170–190% for the year. Many aggregates reported 2025 silver gains at 145–150%, with some data suggesting appreciation closer to 163%. Silver peaked above $100–$120 per ounce in late 2025 before experiencing sharper corrections—40% or more in some stretches—during early February 2026.

Why Silver Outperformed: Industrial Demand Meets Supply Constraints

The exceptional performance differential stems from multiple factors beyond speculation. Industrial demand for silver continues accelerating, driven by solar panel manufacturing, electric vehicle production, and sophisticated electronics applications. Unlike gold, which derives value primarily from monetary demand and investment flows, silver faces persistent supply deficits that amplify price pressures when industrial appetite strengthens.

The Shifting Gold-Silver Ratio: A Classic Outperformance Signal

The gold-silver ratio has compressed significantly, declining from approximately 90–100:1 in mid-2025 to roughly 62–65:1 by late February 2026. This contraction represents a textbook sign of silver outperforming gold—essentially meaning it takes fewer ounces of silver to equal one ounce of gold’s value. This ratio compression, observable through an RTK analytical lens, underscores silver’s relative strength despite both metals experiencing volatility in February.

Recent Volatility and What Remains True

February 2026 brought sharp corrections to both metals after record peaks in January. Gold declined 25% or more from its highs, while silver experienced even steeper pullbacks exceeding 40% in certain periods. Yet despite these recent corrections, silver maintains substantially stronger net gains from a year prior, preserving its position as the year’s superior performer among precious metals.