Gold vs Silver at All-Time Highs: Which Would I Pick?

David LeBlanc
Dec 21, 2025
4 min read

Hello again real money believer,

First of all, I want to wish you a very Merry Christmas and Happy Holidays. It's the perfect time to slow down and spend time with loved ones with some great food and cheer. Thank you for being a loyal follower as someone who's interested in a being a little out of the system.

We are waking up again with gold nearing the all-time high it hit recently, and silver too reaching it earlier last week. Gold is currently around $6,000 CAD ($4,340 USD) per ounce, and silver is trading at about $93 CAD ($67 USD) per ounce.

If you’re like most people, seeing these numbers might make your stomach tighten a little or get excited that your "stack" has gained in fiat dollar value even more.

For either those looking to buy for the first time or experienced "stackers" looking to add, I am hearing questions like “Did I miss it?” or “Is it too late to buy?” or “Should I wait?” and these are totally normal reactions.

When precious metals hit new highs, it’s rarely just about the numbers as it's more of a reflection of the value of fiat dollars and what’s happening in the real world such as massive government spending and debt, inflation which are driving down the value of fiat dollars like a hidden tax.

Over the past two years, precious metals have really stood out. Gold has risen more than 100%, silver roughly 140%, while the S&P 500 gained only about 40–45%. This year, the S&P 500 has gained about 16% while gold has outperformed at 70% and silver about 130%. That’s a huge difference, showing that metals can not only be a rock solid store of value and hedge against inflation but also outperform stocks even when markets are generally rising. Can you say the same about your high-interest savings account or GIC / CD???

Gold and silver behave differently. Gold is stable and steady, a tried-and-true store of value when markets are uncertain. Silver, however, is more dynamic as it's both a precious and a strategic industrial metal, used in solar panels, EV batteries, electronics, medical equipment, defence technologies, etc. Industrial demand is rising fast, and supply is limited because most silver is mined as a byproduct of other metals, such as gold and copper, and because the price has been so low for so long that it hasn't been very profitable to mine. That scarcity, combined with surging demand, gives silver a strong potential to grow in value.

Then there’s the gold-to-silver ratio. This past summer, it reached around 100:1 which meant it took 100 ounces of silver to buy one ounce of gold. Since then, the ratio has been falling steadily, meaning silver is catching up as it's about 65:1 lately. Historically, when this ratio drops, silver often outperforms gold over the months and years that follow.

So, after considering performance, industrial demand, supply constraints, the falling gold-to-silver ratio, and government policies… here’s the big surprise: if I had to pick just one metal today, my choice would be silver.

So, why do I like silver right over gold? It combines protection with growth potential.

Gold is steady and reliable, but silver has more upside potential in my opinion thanks to its industrial demand, tight supply, and historical undervaluation relative to gold.
Silver is also more affordable to the average person than gold and I see more and more people getting interested in precious metals and silver fits more into peoples' budgets. Imagine if each person bought just one ounce of silver? There wouldn't be enought to go around. Globally, stats show that about 1% of people own at least an ounce.
We still have above ground most of all the gold ever mined as it's recycled, melted and recast but this isn't the same for story for silver as it has largely been tossed away due its historically lower price.

Unless governments suddenly get a handle on spending, debt, and stop printing money, precious metals will only continue to do what they’ve always done and act as a store of wealth, a hedge against inflation, and a way to build real assets that exist outside of fiat dollars.

Physical gold and silver aren’t just numbers on a screen or a promisary fiat dollar. They’re tangible assets that hold their value in all times, especially uncertain ones. Even at all-time highs, precious metals are doing their job, and that’s why I believe they remain so important to hold today.

If you're sitting on the sidelines and haven't traded up any fiat dollars yet, ask yourself why? What's holding you back? Just two months ago, an ounce of silver was around $75CAD. Where will be it be two months from now, two years? Who knows but holding precious metals for me brings more security and protection than holding worth less fiat dollars that are being devalued.

The key takeaway isn’t about timing the peak or picking the “better” metal. It’s about understanding why you’re buying precious metals whether it’s for protection, growth, or both. For me right now, silver clearly stands out as a compelling choice.

🎧 Finally, if you want to listen to this article and a bunch more, you can listen my weekly podcast, The Precious Metals Coach, available on Apple Podcasts, Spotify, and Hubhopper. Each episode dives into market trends, practical tips, and my personal take on how to protect and grow your wealth with precious metals so as to have more financial independence, choice and freedom.