Gold investing surged in recent years. Thanks to inflation, geopolitical tensions, and the expectation of lower interest rates later this year, the spot price for the yellow metal has hit record highs multiple times — reaching more than $2,400 per ounce in late May.

While that’s good news for investors who already hold gold, for those investors interested in buying gold now, it can leave room for pause. Is it still smart to buy the precious metal when prices are at all-time highs? Or would your money be better put elsewhere — toward silver, perhaps? We asked some experts about the conundrum. 

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Should you invest in silver with gold’s price high?

Opinions on whether a shift to silver investing amid gold’s recent price surge are mixed. Here’s what the experts we spoke to said:

No, investors should still invest in gold 

Gold might be priced at all-time highs, but that doesn’t mean it can’t go further. In fact, analysts from Citigroup adjusted their price forecasts earlier this spring, saying they expect gold to reach $2,875 per ounce in 2025, according to reports.

“Now is one of the best times in history to own gold,” says Paul Williams, managing director at precious metals dealer Solomon Global. “The major price drivers for gold to continue its push to record levels are forecasted to continue for many years.”

Investors just need to be ready to hold onto the metal for a while, says Patrick Yip, senior director of business development at precious metal platform APMEX. 

“In the long term, gold will likely perform well,” Yip says. “However, in the short term, gold may decline into the summer months, which is historically a weaker period for precious metals prices. Many investors view the summer months as a good opportunity to buy low.”

If you’re simply looking for protection against inflation, which has remained stubbornly high despite the Fed’s higher interest rates, or you want a safe haven amid geopolitical tensions, gold will continue to be a smart investment as well. Geopolitical tensions can also lead some to turn to gold right now, says Peter C. Earle, senior economist at the American Institute for Economic Research. These investors, Earle says, “might be comforted by keeping some portion of their investable capital in gold.” 

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Yes, investors should pivot to silver 

If you’re looking for bigger potential short-term gains, then silver may be the better place to put your money. Just be ready for potential falls, too. Silver prices tend to be more volatile, as they’re tied to many industrial uses and the metal is not as scarce.

“When comparing gold and silver, silver has a greater beta than gold,” Yip says. “If precious metals rally, silver will likely rally by a greater percentage than gold. On the other hand, if precious metal prices fall, silver will likely decline by greater percentage.”

Silver can also be a good option if you’re low on investment capital, as you can buy more for the same amount of cash. “It’s cheaper and more accessible,” Earle says.  

Consider both

If you have the capital, you may be able to invest in both precious metals, giving you the safe haven of gold and the potential returns of silver. Just make sure to keep your investments to 10% or less of your portfolio. “With the outlook for the global economy and conflicts looking bleak, the prospects for precious metals look very bright,” Williams says.