Vedanta's Anil Agarwal turns bullish on silver after 125% gold-beating rally

The surge has not been limited to silver alone-gold, platinum and palladium have also seen spikes-but silver has clearly outperformed its peers this year, emerging as the standout among precious metals

• Silver surged 125 percent this year, outpacing gold and other precious metals
• Silver made up 40% of Hindustan Zinc's profits in September 2025 quarter.
• Industrial demand and investor interest are driving silver's growing importance

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Silver's spectacular rally has put the metal firmly at the centre of global investor attention, with prices gaining fresh momentum after a rare short squeeze in October that pushed global spot rates sharply higher.

The surge has not been limited to silver alone-gold, platinum and palladium have also seen spikes-but silver has clearly outperformed its peers this year, emerging as the standout among precious metals.

Adding weight to the bullish narrative, Vedanta Group chairman Anil Agarwal said in a post on X that silver has finally stepped out of gold's shadow and is entering a long-term structural upcycle.

Highlighting its growing importance in technology-driven industries, Agarwal noted that silver is unique among metals because it combines intrinsic value with strong functional demand. From solar cells to defence applications, he said, silver is becoming indispensable.

"Prices will go up and down, but silver's extraordinary shine is here to stay," Agarwal wrote, pointing out that Hindustan Zinc (HZL), India's only silver producer, is witnessing this shift first-hand.

This year, silver has emerged from the shadow of its precious metal sibling, gold. What a year for silver, with year-to-date appreciation of 125% in dollar terms. In comparison, Gold, which also had a very good year, appreciated by 63%, half of silver's returns. And the silver… pic.twitter.com/6XpYmEt1sm

— Anil Agarwal (@AnilAgarwal_Ved) December 23, 2025

The numbers back up that optimism. Year to date, silver has surged about 125% in dollar terms, far outpacing gold's roughly 63% rise over the same period. The rally has translated into tangible financial gains for Vedanta, primarily through Hindustan Zinc, which ranks among the world's top five silver producers. Silver, produced as a by-product of lead and zinc mining, has steadily increased its share in the company's earnings as global prices strengthened.

For the quarter ended September 2025, Hindustan Zinc reported a consolidated profit after tax of Rs 2,649 crore, up 19% sequentially. Silver alone contributed close to 40% of overall profits during the quarter, translating to around Rs 1,060 crore.

Revenue from silver stood at Rs 1,706 crore, marking a 10% quarter-on-quarter increase and a sharp 20% rise year-on-year, driven by higher global prices and stable operations. As investor interest intensifies and industrial demand expands, silver's growing role in Vedanta's earnings underscores why the metal is increasingly being viewed as more than just gold's quieter cousin.