Silver Price Forecast 2026: Will the Silver Rally Stall at $60

After a spectacular run that has taken silver to record territory in 2025, investors are already asking the big question: what happens to the silver price in 2026?

Spot silver has climbed from the low $20s in late 2023 to around the low‑$50s per ounce, briefly breaking above $54 in November 2025 and outperforming even gold thanks to booming industrial demand and a persistent supply deficit. ^[1]

Below is a deep dive into the latest 2026 silver price forecasts from major banks, research houses and high‑profile commentators, plus the macro and supply‑demand forces that could decide whether silver consolidates near $50 — or makes a serious attempt at $75–$100.

Important: This article is for information and news purposes only. It is not investment advice, and silver is a highly volatile asset class.

Where Silver Stands Going Into 2026

A record-breaking 2025 rally

Silver has surged roughly 160% from October 2023 lows near $20.67 to a 2025 peak around $54.38, recently trading near $50–$52. ^[2]
Over the same period, gold has also hit all‑time highs above $4,300 per ounce — but silver has actually delivered the stronger percentage gain, narrowing the gold‑silver performance gap. ^[3]

The drivers behind this move show why 2026 forecasts are so aggressive:

Industrial demand for silver hit about 689 million ounces in 2024, with solar power alone consuming roughly 244 million ounces — more than double 2020 levels. ^[4]
The Silver Institute expects a fifth consecutive market deficit in 2025, with supply around 1.05 billion ounces and a shortfall of roughly 95–120 million ounces, adding to several hundred million ounces of cumulative deficits since 2021. ^[5]
Tight physical availability has been visible in wholesale markets: refined silver shortages and sky‑high lease rates above 30% helped push prices over $52.50 in October 2025. ^[6]

At the same time, expectations of U.S. Federal Reserve rate cuts, a weaker dollar and geopolitical tensions have brought safe‑haven and ETF investors back into silver, amplifying moves that started in the industrial market. ^[7]

All of this forms the backdrop for 2026: a metal already near record highs, in a structural deficit, with central banks and institutions paying closer attention.

Silver Price Forecast 2026: What Major Institutions Are Expecting

Different research houses use different models, but when you line them up side by side, a rough consensus for 2026 appears.

Bank of America: High near $65, average around $56

Bank of America has one of the more bullish “mainstream” projections:

High forecast for 2026: around $65/oz
Average 2026 price: roughly $56.25/oz

The bank expects more record‑breaking silver prices in 2026, citing persistent structural deficits and strong industrial demand, particularly from green energy technologies. ^[8]

UBS: Peak in 2026 around $57–$60

UBS recently raised its silver outlook and explicitly says it “favors being long silver”:

Now expects silver to reach about $60/oz in 2026, with a possible spike toward $65 that may not be sustained.
Its December 2026 point forecast is $57/oz, and the bank believes silver is likely to peak sometime in 2026.
UBS sees 2026 demand rising to ~1.34 billion ounces, with supply growing only modestly, leaving a sizeable deficit of roughly 293 million ounces. ^[9]

WisdomTree, CME futures and Deutsche Bank: Low‑50s to high‑50s

A recent synthesis by broker XS.com pulls together several institutional forecasts for 2026: ^[10]

WisdomTree: projects silver around $56/oz in 2026, arguing that supply deficits and ETF investment will keep prices buoyant.
CME silver futures curve: implies a year‑end 2026 level near $52.48/oz, signalling that traders expect prices to remain elevated but not necessarily explode higher.
Deutsche Bank: earlier this year had a more cautious 2026 silver forecast around the mid‑$40s, but more recent commentary linked to silver miners points to $58.5/oz by Q4 2026 and an average of about $60 in 2027, reflecting tighter markets than initially anticipated. ^[11]

HSBC and Citigroup: Lower but rising targets

Not all the big banks agree on aggressive upside, although most have raised their numbers over 2025:

HSBC
- In August 2025, HSBC upgraded its 2026 average silver price forecast to around $33.96/oz, from a much lower prior estimate. ^[12]
- Subsequent analysis cited by Gerrards Bullion suggests HSBC later nudged its 2026 average closer to $44.50, with a broad trading band of roughly $40–$55 — implying room for both corrections and rallies from today’s ~$50 levels. ^[13]
Citigroup
- Citi sees silver consolidating after the huge 2025 rally, with forecasts around $40–43/oz over a 6–12 month horizon and a published downside scenario where prices cool back toward $42 before resuming longer‑term growth. ^[14]

A “consensus range” for 2026

Putting these together, most mainstream institutions now cluster in a broad 2026 range of about $40–$65 per ounce, with:

More cautious houses (HSBC, Citi, older Deutsche Bank numbers) concentrated in the low‑ to mid‑$40s, and
Bullish but still “respectable” forecasts (Bank of America, UBS, WisdomTree, CME futures) centring on the low‑ to mid‑$50s, occasionally pushing into the low‑$60s. ^[15]

DeVere Group’s review of recent upgrades summarises it this way: most major houses now expect silver to hold well above pre‑rally levels and stabilise somewhere in the $50–$65 zone through 2026, with triple‑digit calls seen as outliers. ^[16]

Bullish 2026 Silver Price Predictions: The $75–$100 Debate

Alongside the bank research notes, a number of well‑known investors and commentators paint a much more explosive picture for 2026.

Structural‑deficit bulls: $75–$90 by year‑end 2026

At the New Orleans Investment Conference, investor Larry Lepard argued that deeply entrenched structural deficits could push silver to: ^[17]

Around $75/oz by mid‑2026, and
$80–$90/oz by the end of 2026, in a strong‑growth scenario.

His thesis is simple: many silver miners have production costs in the $20–30 range, so any move into the $80s would create enormous margins and re‑rate mining equities.

Other strategists and newsletter writers have floated similar upper‑$70s to $80+ targets for the 2025‑26 window, particularly if gold continues to grind toward or beyond $5,000 per ounce. ^[18]

Triple‑digit scenarios: “Possible but not base case”

A separate camp asks whether silver can actually reach $100 per ounce by 2026:

Philippe Gijsels of BNP Paribas told CNBC it was “certainly possible” for silver to reach around $100 by the end of 2026 in a continued bull market. ^[19]
Commentators such as Robert Kiyosaki and various technical analysts have highlighted doubling scenarios after the breakout above $50, pointing to Fibonacci targets in the $72–$88 zone and “stretch” targets near $100. ^[20]
Some long‑term silver advocates even talk about $200+ in extreme cases, usually tied to very high gold prices and aggressive monetary debasement, but these views are clearly outside the institutional mainstream. ^[21]

Even bullish research houses note that such triple‑digit outcomes would likely require a combination of ongoing supply deficits, a weaker dollar, aggressive Fed easing, and a wave of speculative inflows — a cocktail that is possible, but far from guaranteed.

What Will Drive the Silver Price in 2026?

Whether we end up closer to $40 or $100 will come down to how a handful of forces play out.

1. Interest rates, inflation and the U.S. dollar

Silver behaves like a hybrid between an industrial commodity and a monetary metal:

Lower real interest rates and a weaker dollar make non‑yielding assets like silver more attractive.
Analysts at UBS, Bank of America and others explicitly cite expectations of Fed rate cuts and lingering inflation risks as key reasons for their higher 2026 forecasts. ^[22]

A scenario where inflation stays sticky, the Fed is forced to keep real rates low, and global investors diversify away from the dollar tends to support the bullish camp. A surprise return to higher real rates or renewed dollar strength, by contrast, could cap or reverse the rally.

2. Industrial demand: Solar, EVs and the “green” super‑cycle

Silver’s biggest structural shift is on the industrial side:

Industrial demand has climbed from about 512 million ounces in 2020 to well over 650–680 million ounces by 2024–25, led by electronics and solar power. ^[23]
Solar applications alone are estimated at roughly 230–240 million ounces per year and could push past 300 million ounces annually by 2030, according to Silver Institute figures and industry research. ^[24]
XS.com notes that between 2025 and 2027, silver is likely to be in its strongest “industrial super‑cycle,” with global photovoltaic installations projected above 500 GW per year, and solar demand alone potentially exceeding 230 million ounces in 2026. ^[25]

Electric vehicles, 5G infrastructure, AI data centres and advanced electronics add extra layers of demand growth. If global decarbonisation efforts stay on track or accelerate, that’s structurally bullish for silver.

3. Structural supply deficits

The supply side is struggling to keep up:

The Silver Institute and multiple analysts expect a fifth straight annual deficit in 2025, with shortfalls typically in the ~95–120 million ounce range each year. ^[26]
Cumulatively, the world may have consumed around 700–800 million ounces more than it produced since 2021, drawing down above‑ground stocks. ^[27]
UBS projects the deficit could widen further to nearly 300 million ounces in 2026, even with some growth in mine output. ^[28]

Because about 70% of silver is mined as a by‑product of other metals, higher prices don’t quickly unlock new supply — a dynamic that tends to amplify price swings when demand spikes. ^[29]

4. Investor flows, ETFs and the gold–silver ratio

Silver’s monetary side is heavily influenced by investor behaviour:

ETFs and other exchange‑traded products hold over a billion ounces of silver, and renewed inflows have been a major driver of the 2025 rally. ^[30]
As gold has surged on central‑bank buying and macro worries, silver has often followed with higher beta. Some institutions explicitly model silver prices off a projected gold‑silver ratio; UBS, for example, links its 2026 silver target around $60 to a ratio near 75 with gold at $4,500. ^[31]

If gold continues to grind higher and the ratio compresses, that would support the bullish silver targets. A sharp reversal in gold or large ETF outflows would be a headwind.

Risks: What Could Derail the Bullish Silver Forecasts for 2026?

Despite the overwhelmingly bullish narrative, there are real risks that could pull silver lower or keep it range‑bound in 2026.

Global growth slowdown
A deeper‑than‑expected slowdown or recession could hit industrial demand for electronics, autos and solar installations, undermining one of silver’s key pillars.
Substitution and thrifting
At very high prices, manufacturers may reduce silver loadings or substitute cheaper metals where possible. Some banks already warn that elevated silver could prompt thrifting in solar cells and electronics over time. ^[32]
Faster‑than‑expected mine and recycling response
New projects, higher by‑product output and increased recycling could narrow or even close the structural deficit later in the decade, particularly if prices stay high enough for long enough.
Stronger dollar or delayed rate cuts
If inflation falls faster than feared or central banks stay hawkish, real yields could rise and the dollar could strengthen, weighing on all precious metals. HSBC’s relatively cautious forecasts lean heavily on this kind of macro backdrop. ^[33]
Volatility and speculative washouts
Silver is historically one of the most volatile major commodities. Episodes like October’s brief spike above $54 followed by rapid pullbacks show how quickly leveraged positioning can unwind. ^[34]

2026 Silver Price Scenarios: Bear, Base and Bull (Illustrative Only)

To synthesise the forecasts and risks, it can be useful to think in scenarios, not precise predictions. The ranges below are illustrative, based on today’s public forecasts — they are not guarantees or investment guidance.

Bearish / consolidation scenario

Global growth slows more than expected; Fed cuts are modest; dollar firms.
Industrial demand underperforms and ETF flows flatten or reverse.
Silver retreats toward the more cautious institutional forecasts from Citi and the lower end of HSBC’s band.

Illustrative 2026 range: $38–$45/oz, with rallies sold into and the market digesting the 2023–25 gains.

Base‑case / consensus scenario

Growth is mixed but not catastrophic; Fed eases gradually; inflation and deficits keep demand for hard assets alive.
Industrial demand remains strong, especially from solar and EVs, and deficits persist but narrow slightly.
Prices roughly align with the central cluster of forecasts from CME futures, WisdomTree, UBS and Bank of America. ^[35]

Illustrative 2026 range: $48–$60/oz, with an average somewhere in the low‑ to mid‑$50s and occasional spikes into the low‑$60s.

Bullish / super‑cycle scenario

Gold extends its run toward or beyond $5,000; real rates stay very low; the dollar weakens further. ^[36]
Solar and EV build‑out exceeds expectations and structural deficits deepen, triggering more short squeezes and physical tightness.
ETF inflows surge and speculative interest returns to levels not seen since 2011.

Under this scenario, the more aggressive outlooks from Larry Lepard, BNP Paribas’ Gijsels and others — with $75–$90in 2026 and a possible test of $100 — move closer to the centre of the conversation. ^[37]

Illustrative 2026 range: $65–$100/oz, with extreme spikes possible if market participants perceive a genuine “supply wall.”

What This Means for Different Types of Investors (In General Terms)

Again, without giving personal advice, the current landscape suggests a few broad takeaways:

Short‑term traders will likely be dealing with very high volatility: intraday swings of several percent and multi‑week moves of $5–10/oz up or down are entirely possible.
Long‑term holders focused on the 3–5 year energy‑transition story tend to watch structural indicators — deficits, PV demand, mine supply — more than day‑to‑day prices. ^[38]
Risk management is crucial for everyone. Even analysts who are extremely bullish (including those calling for $75–$100) generally acknowledge the risk of sharp drawdowns along the way. ^[39]

Anyone considering exposure to silver — whether via physical metal, ETFs, futures or mining stocks — should carefully assess their own risk tolerance, time horizon, and overall portfolio, and, ideally, consult a qualified financial adviser.

Key Takeaways on the Silver Price Forecast for 2026

Mainstream 2026 forecasts mostly sit in a wide $40–$65/oz band, with a central cluster in the low‑ to mid‑$50s. ^[40]
Bullish institutional calls from players like Bank of America, UBS and WisdomTree see scope for fresh record highs in the $60s, underpinned by ongoing supply deficits and strong industrial demand. ^[41]
High‑conviction bulls — Lepard, Gijsels and others — argue that a combination of structural deficits, gold’s ascent and monetary turmoil could push silver to $75–$100 in or around 2026, though these are not consensus views. ^[42]
Risks include weaker growth, substitution, stronger real yields, and the possibility that 2025’s explosive move has already priced in much of the good news. ^[43]

In short, the market now treats $50+ silver as the new normal, not an anomaly. Whether 2026 turns into a consolidation year around that level or the launchpad for a run toward $75–$100 will depend on how the macro and industrial stories evolve over the next 12–18 months.