Silver has stormed back into the spotlight in 2025. The metal is trading near fresh record highs around $58 per ounce, capping what multiple analysts describe as silver’s strongest year since 1979. [1]
Below is a detailed look at today’s silver price, the forces behind the 2025 rally, and what major banks and market strategists now expect for 2026 and beyond.
Silver price today (December 3, 2025): key levels at a glance
Global spot price
- Live spot silver is trading around $58–59 per troy ounce this morning:
- TradingEconomics data put silver at $58.02/oz, down less than 1% on the day but up about 23% over the past month and more than 85% over the past year. [4]
In other words, silver is consolidating just below all‑time highs after an explosive move over the last few months.
Futures markets
On CME Group, front silver futures are trading around the high‑$58 range, with overnight quotes near $58.70/oz on the main COMEX contract, underlining how close the market is to the psychologically important $60 mark. [5]
India: silver at record rupee prices
India, now the world’s largest silver consumer, is seeing record domestic prices: TS2 Tech+1
- The Indian Express reports today’s nationwide retail price at roughly ₹191 per gram or ₹1,91,000 per kilogram, up ₹3 per gram from yesterday and nearly double year‑ago levels. [6]
- On MCX, silver futures surged to a record ₹1,84,727 per kg, briefly crossing the ₹1.85 lakh mark as the rupee slid past ₹90 per U.S. dollar, pushing imported metal prices sharply higher. [7]
Analysts on India’s MCX describe silver as “exceptionally bullish”, pointing to strong international prices and currency weakness. One strategist quoted by India Today suggested that a sustained break above ₹1,84,000 could open the door towards ₹1,86,000–₹1,88,000 per kg in the near term. [8]
2025: the year silver stole the show
From “bridesmaid metal” to top performer
Several independent analyses now agree that silver is 2025’s standout major metal:
- A Silver Institute briefing in mid‑November noted that the silver price had already gained about 67% year‑to‑date by November 6, hitting a then‑record of $54.48/oz on October 17. [9]
- Crux Investor puts 2025 gains closer to 77%, with silver touching a record around $54.47/oz and outperforming both gold and the S&P 500. [10]
- A fresh analysis by Meyka today says silver has “almost doubled” in 2025, estimating roughly 95% year‑to‑date gains and calling 2025 the best year since 1979. [11]
TS2’s meta‑review of this year’s rally traces a dramatic sequence of milestones: silver moved from the low‑$20s in late 2023 to $49–50 in early October, then to $54–55 in mid‑October and late November, and finally to new records above $58–59 as December began. TS2 Tech
Nominal record vs inflation‑adjusted history
In nominal terms, silver’s recent highs above $58/oz exceed the famous 1980 and 2011 spikes, which topped out near $49–50/oz. [12]
But inflation‑adjusted numbers tell a more sober story:
- APMEX estimates the 1980 high of $49.45/oz would equal roughly $194/oz in 2025 dollars, while the 2011 peak would translate to around $70/oz. [13]
So while today’s price is a new nominal record, silver is still well below its inflation‑adjusted extremes.
Why is the silver price so high in December 2025?
Most current research points to four overlapping drivers behind today’s elevated silver price:
- Expectations of Federal Reserve rate cuts and a weaker dollar
- Persistent structural supply deficits
- Surging industrial demand from the green‑energy and tech transition
- Large inflows into silver ETFs and other investment products
1. Fed rate cuts, real yields and the dollar
Silver, like gold, has benefited from a dramatic shift in interest‑rate expectations:
- TS2, drawing on Reuters and other data, notes that futures markets now price in roughly an 85–90% chance of a December Fed rate cut, following softer U.S. economic data and dovish comments from Fed officials. TS2 Tech
- A Wall Street Journal commodity report similarly ties silver’s latest all‑time highs to renewed rate‑cut bets and supply tightness, while Proactive Investors and Yahoo Finance highlight Fed easing optimism as a key trigger for the late‑November surge. [14]
Lower real yields shrink the opportunity cost of holding non‑yielding assets like silver. A softer dollar, meanwhile, makes dollar‑priced commodities cheaper for non‑U.S. buyers, amplifying demand.
In India, analysts say this global macro story is colliding with local currency weakness: the rupee’s slide beyond ₹90/USD has magnified the rise in domestic silver prices, even when dollar‑denominated prices pause. [15]
2. Structural supply deficits: five years and counting
Silver’s rally isn’t just about macro hopes; it’s rooted in old‑fashioned scarcity:
- The Silver Institute reports that the global silver market is on course for a fifth consecutive structural deficit in 2025. An updated estimate presented in November puts this year’s shortfall near 95 million ounces, with the cumulative deficit since 2021 around 820 million ounces. [16]
- Andaman Partners describes a “structurally tight phase” in which mine supply has been essentially flat for a decade, while industrial demand has surged. They estimate deficits above 300 million ounces in 2022–2024 and project a 316‑million‑ounce gap in 2025 alone. [17]
Because over 80% of silver production is a by‑product of mining other metals like copper, lead and zinc, higher prices don’t automatically translate into more silver supply. Producers can’t simply “turn on” new silver mines at will, so the market remains tight even as prices rise. [18]
3. Industrial and green‑tech demand
Unlike gold, silver is both a precious metal and an industrial workhorse.
Recent data show that industrial applications now account for more than half of global silver demand, led by solar photovoltaics (PV), electronics and electric vehicles. [19]
Key datapoints:
- The Silver Institute and related surveys show industrial fabrication at record levels around 680–690 million ounces, with solar panels alone consuming roughly 230–243 million ounces—about 19% of global supply—in 2024. TS2 Tech+1
- GoldSilver.com notes that PV silver demand jumped over 25% in 2024 and could exceed 300 million ounces annually by 2030, especially as next‑generation “TOPCon” solar cells use up to 50% more silver per panel. [20]
- Electric vehicles typically use several times more silver than combustion‑engine cars, with some high‑end designs projected to need much more as solid‑state batteries mature. TS2 Tech+1
Even in 2025, when high prices are starting to cool some categories of demand, industrial usage remains resilient enough to keep the market in deficit.
It’s worth noting that the Silver Institute does expect total demand to fall about 4% year‑on‑year in 2025, with industrial demand off by roughly 2% as manufacturers “thrift” silver and look for efficiencies. But because supply is even tighter, the market stays in deficit anyway. [21]
4. Investment flows and ETF buying
The 2025 rally has also been powered by heavy investment inflows:
- The Silver Institute estimates that silver‑backed exchange‑traded product (ETP) holdings are up roughly 18% year‑to‑date, adding about 187 million ounces in 2025 and contributing to October’s liquidity squeeze. [22]
- TS2 notes that London Bullion Market Association (LBMA) vault holdings have dropped by about one‑third since 2022, while silver lease rates spiked to levels not seen since the early 2000s—classic signs of tight physical supply. TS2 Tech
- In India, Economic Times reports that silver ETFs have delivered over 100% returns in 2025, prompting advisors to suggest partial profit‑taking only if investors’ allocations have grown beyond their targets. Long‑term holders with 5+‑year horizons, they say, can still justify staying invested because of silver’s dual industrial and safe‑haven role. [23]
The combination of industrial users, ETF buyers and short‑covering in futures has created what one analyst calls a “perfect storm” for prices.
Inside India’s silver price boom
India has become a key demand engine in this cycle:
- TS2, citing industry data, notes that India now consumes about 4,000 tonnes of silver per year, largely for jewelry, utensils and ornaments, making it the world’s largest single‑country silver market. TS2 Tech
- Domestic silver prices hit a local record around ₹170,000 per kg back in October and have since pushed up towards ₹1.85–1.91 lakh/kg alongside the global rally. TS2 Tech+2The Indian Express+2
Today’s reports show:
- Retail prices: ~₹191 per gram across major cities, roughly ₹1,91,000 per kg, with Indian Express highlighting that silver prices in India have almost doubled over the past year. [24]
- Futures: MCX contracts have broken above ₹1.84 lakh/kg, with analysts flagging potential upside towards ₹1.86–1.88 lakh/kg if the rupee stays weak and global silver holds above recent breakout levels. [25]
Domestic factors amplifying the move include:
- Festive and wedding‑season demand
- A weaker rupee, which inflates the local cost of dollar‑priced imports
- Growing interest in silver ETFs and bar/coin investment
- Continuing demand from India’s manufacturing and electronics sectors [26]
Technical picture: $60 and the old highs in focus
Technical strategists are watching a cluster of historic levels just above the current price:
- TS2 cites ChartWatch/MarketIndex analysis showing that COMEX silver has cleared prior resistance near $54–55/oz, leaving two major levels overhead:
- The 2011 high around $59/oz
- The back‑adjusted 1980 futures peak near $67/oz TS2 Tech
- Short‑term momentum indicators are stretched. Economic Times’ technical commentary notes 4‑hour RSI readings above 80 and prices far above the 50‑ and 200‑day moving averages, with near‑term support flagged around $52–56 and resistance at $58–60. TS2 Tech+1
Put simply: the medium‑term trend is firmly up, but silver looks overbought and vulnerable to sharp corrections of $5–10/oz even within an ongoing bull market.
Silver price forecasts for 2026–2027: what are analysts saying?
As of early December 2025, forecasts cluster into two broad camps: a mainstream consensus and a group of structural‑deficit “super bulls.”
Mainstream banks and research houses: $40–$65 in 2026
TS2’s compilation of institutional forecasts shows a surprisingly tight band for 2026 expectations: TS2 Tech+1
- Bank of America: Expects silver to average in the mid‑$50s in 2026, with potential highs near $65/oz, driven by persistent deficits and green‑energy demand.
- UBS: Recently upgraded its outlook, “favoring being long silver” with a target near $60/oz, and sees possible spikes toward $65 if gold pushes higher.
- WisdomTree & CME curve: Futures pricing implies year‑end 2026 around the low‑ to mid‑$50s, suggesting consolidation more than a fresh spike.
- Deutsche Bank: Projects average prices in the mid‑$50s in 2026 as ETF holdings approach roughly 1.1 billion ounces.
- HSBC & Citigroup: More cautious, pencilling in $40–$43/oz on a 6–12‑month view, anticipating a period of digestion after the 2025 “blow‑off” before any renewed advance.
A DeVere Group review summarises the mainstream stance as expecting silver to “stabilise in a broad $50–$65 band” during 2026, with triple‑digit scenarios treated as tail‑risk bullish outcomes, not base case. TS2 Tech+1
Structural‑deficit bulls: $75–$100 scenarios
On the more aggressive side:
- Investor Larry Lepard told Investing News Network that he sees silver reaching around $75/oz by mid‑2026 and potentially $80–$90/oz by year‑end, arguing that multi‑year deficits and constrained mine supply justify much higher clearing prices. [27]
- Keith Neumeyer, CEO of First Majestic Silver, has long argued that silver could ultimately hit $100–$130/oz, a view he has reiterated in multiple interviews over the last decade. [28]
- TS2 notes that some strategists, including those cited via DeVere and BNP Paribas commentary, label $100 silver by 2026 as “certainly possible” under aggressive Fed easing, a weaker dollar and ongoing supply shortfalls—but again emphasise that this is not their central forecast. TS2 Tech+1
Longer‑term (2027–2030) themes
Longer‑horizon outlooks from research pieces at GoldSilver.com, Meyka and others focus less on precise numbers and more on themes: [29]
- Continued growth in solar, EV and electronics demand
- A structural supply deficit that may persist into the late 2020s
- The potential for silver to behave increasingly like a “green technology” strategic metal rather than just a monetary hedge
Most of these analyses anticipate higher average prices over the next five years, but also extreme volatility, with multi‑dollar swings and occasional deep corrections.
Risks for silver bulls: what could derail the rally?
Even analysts who are bullish on silver stress several downside risks:
- Stronger dollar or renewed rate hikes
- A surprise resurgence in inflation or a more hawkish Fed could push real yields higher again, undercutting the monetary case for silver. TS2 Tech+1
- Demand destruction and “thrifting”
- The Silver Institute already sees jewelry, bar and coin demand weakening in 2025 and expects some industrial users—especially in PV—to trim silver intensity per unit as prices rise. [30]
- Event‑driven volatility
- The late‑November CME outage, which triggered a rapid spike in London spot prices once trading resumed, was a reminder that market structure shocks can both boost and punish silver bulls within hours. TS2 Tech
- Supply response over time
- If prices stay very high for years, new projects, by‑product expansions or advances in recycling could ultimately ease the structural deficit and cap upside.
In short, the long‑term fundamentals look supportive, but the path is unlikely to be a straight line.
What today’s silver price means for different investors
This section is informational and not personalized financial advice.
Short‑term traders
- Silver’s current setup—record prices, heavy ETF flows, overbought technicals—is fertile ground for sharp intraday reversals. TS2 Tech+1
- Traders are watching $60/oz as a potential breakout or rejection zone, with support areas broadly in the low‑$50s.
Long‑term investors
- In India, mutual‑fund experts quoted by Economic Times suggest partial profit‑taking only when silver allocations exceed your intended portfolio weight, while long‑term investors (5+ years) may justify staying the course given the metal’s structural drivers. [31]
- Globally, institutional forecasts imply that even if silver doesn’t hold near $60, it may settle at higher average levels than in the 2010s due to persistent deficits and industrial demand.
Regardless of time horizon, most analysts agree on one thing: position sizing and risk management matter more than ever in a market that has already moved this far, this fast.
Quick FAQs on the silver price today
Is silver at an all‑time high right now?
Yes, in nominal dollar terms silver’s recent highs above $58/oz represent new record prices, surpassing the 2011 and 1980 spikes around $49–50/oz. TS2 Tech+1
In inflation‑adjusted terms, however, 1980 remains far higher—equivalent to roughly $190+/oz today. [32]
Why is silver outperforming gold in 2025?
Because silver combines gold‑like safe‑haven appeal with strong industrial demand for solar, EVs and electronics, and because the market has been in a multi‑year structural deficit, it has delivered larger percentage gains than gold this year. [33]
Could silver reach $100/oz?
Triple‑digit silver is not the base case for most banks, which cluster around $50–$65/oz for 2026. TS2 Tech+1
However, structural‑deficit bulls like Larry Lepard and Keith Neumeyer argue that $75–$100+ is possible if deficits persist, the Fed cuts rates aggressively and industrial demand keeps expanding. [34]
Is silver in a bubble?
Whether you call it a bubble or a repricing depends on your view of:
- How long structural deficits will last
- How much more industrial demand will grow
- How many future Fed cuts are already “priced in”
What’s clear is that volatility is high and that both upside and downside moves could be large from here. [35]
The bottom line
As of December 3, 2025, silver is trading just below $60/oz, with India’s rupee‑denominated prices at record highs and global analysts re‑writing their playbooks after the metal’s best year in decades. [36]
The story of this rally is more than speculative frenzy. It is anchored in:
- Five years of structural supply deficits
- Explosive industrial demand from the green‑energy transition
- Shifting monetary policy and a softer dollar
- Heavy investment inflows via ETFs and physical products
Whether silver consolidates, corrects or embarks on another leg higher into 2026 will depend on how those four forces evolve from here. For now, the “devil’s metal” has reclaimed center stage—and today’s price action suggests it intends to stay there.
References
1. www.jmbullion.com, 2. www.jmbullion.com, 3. www.moneycontrol.com, 4. tradingeconomics.com, 5. www.cmegroup.com, 6. indianexpress.com, 7. timesofindia.indiatimes.com, 8. www.indiatoday.in, 9. silverinstitute.org, 10. www.cruxinvestor.com, 11. meyka.com, 12. www.apmex.com, 13. www.apmex.com, 14. www.wsj.com, 15. www.indiatoday.in, 16. silverinstitute.org, 17. andamanpartners.com, 18. andamanpartners.com, 19. goldsilver.com, 20. goldsilver.com, 21. silverinstitute.org, 22. silverinstitute.org, 23. m.economictimes.com, 24. indianexpress.com, 25. timesofindia.indiatimes.com, 26. indianexpress.com, 27. investingnews.com, 28. investingnews.com, 29. goldsilver.com, 30. silverinstitute.org, 31. m.economictimes.com, 32. www.apmex.com, 33. silverinstitute.org, 34. investingnews.com, 35. tradingeconomics.com, 36. www.jmbullion.com
