The price of silver more than doubled in 2025, surpassing its flashier counterpart, gold, which jumped a meagre 63 per cent. The silver and gold duo were market darlings as investors sought to surf the trends of “rising levels of sovereign debt, persistent inflation, a weaker (U.S. dollar), continued pressure for lower rates and strong physical demand from central banks/stablecoins,” National Bank Capital Markets said in a note. Analysts think those driving forces will remain in play in 2026. Silver, which traded above US$67 as of Dec. 19, also benefited from its importance as a material in industrial uses, with the U.S. also adding it to its list of critical metals. It’s rise helped make Discovery Silver Corp. (TSX:DSV) the TSX’s top gainer for the year by a wide margin, up 1,083 per cent.

Celectica Inc. (TSX:CLS) stood out among the top 10 gainers on the TSX as the only non-metals name of 2025, up more than 200 per cent as of late December. The Toronto-based electronics component manufacturer has transformed into an artificial intelligence infrastructure play and been swept up in the exuberance that powered U.S. markets. The AI theme has suffered of late as markets worry about the sector on several fronts, including massive debt issuances and spending delays at some big U.S. companies. But JPMorgan Chase and Co. still sees Celestica as one of the companies that will benefit from capital spending of AI “hyperscalers” such as Google, Meta Platforms Inc. and Amazon.com Inc. Shares of Celestica were trading above $407 in late December.