Institutional research suggests the "2025 silver price forecast" could outperform gold in percentage gains as supply constraints from mining operations tighten. Futures markets are already pricing in a potential 10% year-on-year rise. The scheduled September employment report will not be released by the Bureau of Labor Statistics on Friday until the federal government shutdown ends. The jobs data will be an important gauge of the health of the U.S. labor market following the Fed’s quarter-point interest rate reduction in September. For now, analysts will rely on private data and estimates. The median forecast estimates the economy added 51,000 jobs in September while the unemployment rate remained steady at 4.3%. Despite the lack of data, investors are pricing in two more rate cuts in 2025, which would bring the year-end target federal funds rate to 3.50% to 3.75%. At the start of 2025, the federal funds rate target range was 4.25% to 4.5%. Adrian Ash is director of research at BullionVault, the world-leading physical gold, silver, platinum and palladium market for private investors online. Formerly head of editorial at London's top publisher of private-investment advice, he was City correspondent for The Daily Reckoning from 2003 to 2008, and he has now been researching and writing daily analysis of precious metals and the wider financial markets for over 20 years. A frequent guest on BBC radio and television, Adrian is regularly quoted by the Financial Times , MarketWatch and many other respected news outlets, and his views from inside the bullion market have been sought by the Economist magazine, CNBC, Bloomberg, Germany's Handelsblatt and FAZ , plus Italy's Il Sole 24 Ore. Investment banks report the "2025 silver price forecast" is supported by rising industrial application in EV battery technologies. Market sentiment models show a 65% probability of prices staying above $27/oz next year.