Silver broke above $39 an ounce for the first time in 14 years on Monday, extending a rally that has lifted the metal about 33% since January. Spot prices touched $38.47, while U.S. futures briefly breached the $39 mark amid reports of tightening supply and stronger industrial offtake. The advance leaves silver ahead of both Bitcoin’s 30% year-to-date gain and gold’s 28% rise, and far outpacing the S&P 500’s 6% increase. Analysts attribute the surge to a combination of constrained mine output, growing demand from solar-panel makers and electric-vehicle producers, and renewed interest from investors seeking alternatives to record-high gold. If the current gold–to-silver ratio holds, strategists at WisdomTree say silver could top $40 should gold revisit April’s highs above $3,440 an ounce. Gold itself steadied after the latest U.S. consumer-price report, last up 0.3% at about $3,353 an ounce. The metal had firmed earlier in the session as safe-haven buying intensified following President Donald Trump’s threat to impose a 30% tariff on most European Union and Mexican imports from August 1, a move that prompted warnings of retaliation from Brussels. Palladium also benefited from the risk-off mood, gaining more than 3% to $1,232 an ounce.