Silver has delivered a stunning rally in 2025, and many investors believe the momentum could continue into 2026. According to the Kitco News Annual Silver Survey, 57% of retail investors expect silver prices to trade above $100 per ounce next year. With silver currently hovering close to $80, optimism remains strong, though experts are divided on how long the rally can last.
Silver began 2025 near $29.50 per ounce and struggled early in the year due to weak momentum and concerns over global trade tensions. Prices dipped sharply in April after tariff announcements affected commodity markets. However, from mid-year onward, silver staged a powerful comeback. By October, it crossed $50, reached new record highs in November, and surged past $70 in December. By late December, silver was trading just below $80 per ounce, marking a gain of around 170% for the year.
Retail investors remain highly bullish. Apart from the 57% who see silver crossing $100 in 2026, another 27% expect prices to remain between $80 and $100. Only a small minority believe silver will fall back to the $40–$60 range.
Analysts, however, urge caution. Heraeus expects precious metals, including silver, to cool off in early 2026 after rising too fast. TD Securities predicts silver could settle in the mid-$40 range, citing a sharp increase in available inventories in London vaults. BMO Capital Markets is also cautious, forecasting average silver prices of about $56 per ounce in 2026, with a possible peak near $60 later in the year.
On the bullish side, experts like Maria Smirnova of Sprott highlight ongoing supply shortages and strong industrial demand, especially from China’s solar sector. She notes that solar manufacturing alone consumes about 20% of global silver supply. Rising investment demand through ETFs has further tightened physical availability.
Market strategist Michele Schneider believes silver is still undervalued compared to gold and sees room for further gains as demand from technology and AI-related industries grows. However, veteran analyst Avi Gilburt warns that the current rally may be nearing its final stage, with a major correction possible later in 2026.
Overall, while silver’s long-term demand story remains strong, experts agree that 2026 could bring sharp swings, pauses, or even corrections before the next major move.
