Why have gold and silver prices skyrocketed? 5 popular theories (1 25 26)

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In 2025, gold surged 65% while silver skyrocketed a staggering 150%. Now, with gold nearing the $5,000 milestone and silver hitting $100 for the first time in history, everyone is asking the same question: Why? Today, we’re breaking down five popular theories driving this historic rally.

Here’s what we’re covering in today’s Clark Smart Investing newsletter:

• Why have gold and silver prices skyrocketed?

• Do you need international stocks in your portfolio?

• Small cap, mid cap and large cap stocks: Why every investor should care

• Q&A: Should I max out my Roth IRA or my HSA?

• Smart money move of the week

💵 Why Have Gold and Silver Prices Skyrocketed? 5 Popular Theories

Gold started 2025 at around $2,600 per ounce and reached over $4,300, gaining about 65% in one year.

Silver's move has been even more dramatic: It began 2025 at around $30 per ounce and reached nearly $75 per ounce. Silver surged by as much as 150% in 2025.

In 2026 so far, silver has already hit the record-high of $100 per ounce and gold nears the $5,000 milestone.

What's driving this historic run? Ask five experts and you'll get five different answers. Here's what people are saying.

In the full article, we dive into five reasons why gold and silver prices are soaring, reveal what’s so unique about silver right now, and share the bottom line investors need to know.

📚️ Recommended Reading

✅ Poll: What’s Your Take?

Every week, we'll ask a new question to get your take on the latest financial trends and topics.

Last Week’s Poll Results

We asked: “Which investment do you think will perform best in 2026?” Here’s how you answered:

• Precious Metals (gold and silver) - (21%)

• S&P 500 - (32%)

• Real Estate (REIT) - (5%)

• International Stocks - (14%)

• Crypto - (3%)

• Something Else - (4%)

• No Clue - (21%)

💬 Ask an Advisor

In this recurring Q&A, we share questions that have been answered by Clark Howard or Wes Moss on the podcast. Submit your question today!

Brian in North Carolina asks: This year, we have enough money to max out our Roth’s or max out our HSA, but not both. Both are invested in low cost index funds. Which one should we prioritize over the other if we just can’t max both options fully?

Wes Moss says: Choosing between a Roth IRA and an HSA is like being asked to pick a favorite child — they’re both fantastic, and frankly, they’re two of the best tools in the entire tax code. If I absolutely have to pick one, I’m leaning toward the Roth IRA. Why? Flexibility. While we know healthcare will be a massive expense in retirement, the Roth doesn't care what you spend the money on. Whether it's a new roof, a trip to see the grandkids, or a medical bill, the Roth is there for you without strings attached. In the world of financial planning, "tie goes to the runner," and in this case, the runner is flexibility.

💸 Money Tip of the Week

☎️ Need Money Help?

The Team Clark Consumer Action Center is a free helpline that can help you navigate your money questions. Call 636-492-5275. Visit clark.com/cac for more information.

This information is provided to you as a resource for informational purposes only and is not to be viewed as investment advice or recommendations. Investing involves risk, including the possible loss of principal. There is no guarantee offered that investment return, yield, or performance will be achieved. This information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors. Any company names shown are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. The views and opinions expressed are for educational purposes only as of the date of production/writing and may change without notice at any time based on numerous factors, such as market or other conditions. Always consult your own legal, tax, or investment advisor before making any investment/tax/estate/financial planning considerations or decisions.

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