ASX silver shares are flying on Friday as the silver price nears US$100 per ounce.
At the time of writing, the silver price is 3.1% higher at US$99.10 per ounce, which is a new record.
Other precious metals are also soaring as investors digest new US data showing GDP growing at its fastest pace in two years.
The gold price rose 0.5% to reach a record US$4,958 per ounce in earlier trading. Gold is up 7.4% this week and 80% year over year.
Platinum is also up 3.3% today to a record US$2,661 per ounce. Platinum has risen 6.9% this week and is up 171% year over year.
Palladium is up 2.1% to $1,969 per ounce, and has lifted 5.2% this week and 98% year over year.
Why is the silver price charging higher?
Trading Economics analysts said investors were reassessing resilient US growth alongside signs that inflation remains contained.
US GDP increased at an annual rate of 4.4% in the third quarter of 2025, according to an updated estimate from the Bureau of Economic Analysis (BEA).
This compares to a second-quarter increase of 3.8% and a first-quarter decline of 0.6%.
The BEA said:
The acceleration in real GDP in the third quarter reflected upturns in investment, exports, and government spending, as well as an acceleration in consumer spending.
Imports decreased less in the third quarter than in the second.
Regarding the impact on the silver price, Trading Economics analysts said:
While the upward revision to Q3 GDP growth to 4.4% reinforced the view that the economy remains strong and reduced the urgency for near term policy easing, recent inflation data signaled steady disinflation rather than renewed overheating, helping stabilize expectations around future policy restraint.
That balance limited downside pressure from growth resilience and allowed silver to recover, even as easing geopolitical rhetoric around Greenland tempered immediate safe haven demand.
The analysts said silver continues to benefit from persistent supply constraints in a fourth consecutive year of global supply deficits.
Silver has increased relevance in the global economy today.
It's a key input in solar panels, tech devices, electric vehicles, and data centres due to its superior electrical conductivity to copper.
Silver was the best-performing metal or mineral of 2025, rising 147% in just 12 months.
Like gold, silver and other precious metals are also seen as investment safe havens when global geopolitics and economics are uncertain.
Let's see what's happening with the few silver miners listed on the ASX today.
ASX silver shares rising strongly
ASX 200 large-cap mining share South32 Ltd (ASX: S32) hit a near three-year high of $4.46 in earlier trading, up 1.4%.
South32 owns the Cannington mine in north-west Queensland, which is one of the world's largest producers of silver and lead.
The South32 share price has since retreated to $4.36, down 0.9%.
Silver Mines Ltd (ASX: SVL) shares are up 5.45% to 23 cents.
The Sun Silver Ltd (ASX: SS1) share price is up 6.05% to $2.28.
Unico Silver Ltd (ASX: USL) shares are up 4.5% to $1.05.
Iltani Resources Ltd (ASX: ILT) shares are up 7% to 70 cents apiece.
Boab Metals Limited (ASX: BML) shares are up 12.37% to 55 cents.
The Argent Minerals Limited (ASX: ARD) share price is up 12.4% to 55 cents.
