Silver has stormed back into the spotlight. After years in gold’s shadow, the white metal has blasted to fresh all‑time highs, fuelled by expectations of U.S. interest‑rate cuts, a structural supply deficit and booming demand from the solar industry.
Below is a deep dive into what’s happening with the silver price today, why it’s surging, and what major banks and models are forecasting for 2025–2026 and beyond.
Silver price today – 30 November 2025
As of Sunday, 30 November 2025, weekend price feeds and OTC quotes put spot silver in the mid‑$56s per ounce, just under the record level set on Friday:
- Forecast site WalletInvestor lists silver at about $56.45/oz on 30 November 2025. Walletinvestor
- Algorithmic tracker CoinCodex shows spot silver around $56.6/oz, calling it a new all‑time high area. CoinCodex
- European commodity portal Goldinvest displays a live silver quote near $56.4/oz alongside gold above $4,200/oz. Goldinvest
On Friday 28 November, silver briefly spiked to roughly $56.78/oz, a fresh record, before settling slightly lower, according to Reuters. Reuters
In India, the rally is equally dramatic. GoodReturns shows the national silver rate at ₹185,000 per kilogram on 30 November, up from ₹152,000 at the start of the month – a 21.7% jump in November alone. Goodreturns
Key levels at a glance (approx.):
- Spot silver (global): ~$56.4–$56.6/oz
- All‑time intraday high: ~$56.8/oz (28 November 2025) Reuters
- India (1kg bar): ₹185,000/kg, +21.7% in November Goodreturns
How silver got here: a two‑year surge and a broken “double top”
Silver’s current breakout is the culmination of a powerful uptrend that started in late 2023:
- Reuters notes that spot silver has climbed about 163% since a low near $20.67/oz on 3 October 2023 to a record above $54 in mid‑November, outpacing gold’s ~142% gain over the same period. Reuters
- German‑language outlet Goldinvest highlights the same move from $20.67 to $54.38, confirming that silver has clearly outperformed gold since the 2023 lows. Goldinvest
Technically, the market has just invalidated a key bearish pattern:
- Goldinvest describes how silver formed what looked like a double top in October–November around similar highs, with a “neckline” zone in the $45–47 range. A decisive break below that would have opened the door to the low $40s.
- Instead, last week’s surge to new all‑time highs “negated” the double top and confirmed a fresh buy signal, with momentum indicators still pointing higher, albeit in overbought territory. Goldinvest
In short: a pattern that looked like a potential top has turned into a bullish continuation, which helps explain the aggression of trend‑following funds and CTA flows into silver late in November. DailyForex
What’s driving the silver price right now?
1. Rate‑cut bets and a softer dollar
Silver is a non‑yielding asset, so expectations for lower interest rates are crucial:
- A Reuters report on Friday’s move notes that markets now see roughly an 87% chance that the U.S. Federal Reserve will cut rates at its December meeting, supporting both gold and silver. Reuters
- FXStreet’s analysis from 27 November puts the odds of a 25 bps December cut at over 84%, based on the CME FedWatch tool, and ties silver’s resilience to that dovish repricing of the Fed. FXStreet
- DailyForex’s weekly outlook similarly flags Fed cut expectations around 86%, noting that the U.S. dollar index has turned lower as risk appetite improves, another tailwind for dollar‑priced metals. DailyForex
Lower real yields reduce the opportunity cost of holding silver, while a weaker dollar makes it cheaper for buyers using other currencies.
2. Silver’s solar super‑cycle and industrial demand
The most important medium‑term driver is no longer jewellery or coins – it’s industry, especially solar:
- Reuters, citing LSEG data, reports that industrial silver demand rose to 689.1 million ounces in 2024, up from 644 million a year earlier. Reuters
- Of that, 243.7 million ounces went into solar panels, up from 191.8 million in 2023 and more than 150% above 2020 levels, reflecting explosive growth in photovoltaics. Reuters
- The International Energy Agency expects around 4,000 GW of new solar capacity to be installed between 2024 and 2030; LSEG’s projections suggest solar alone could push silver demand up by almost 150 million extra ounces per year by 2030, about 13% on top of 2024’s total physical demand (1.169 billion ounces). Reuters
The Silver Institute’s World Silver Survey 2025 confirms this structural shift:
- 2024 mine production: 819.7 million ounces, up only 0.9%.
- Recycling: 193.9 million ounces, a 12‑year high, yet still not enough to fill the gap.
- Total demand: 1.16 billion ounces, only slightly lower year on year, with industrial offtake hitting a new record thanks to solar, electronics, EVs and grid upgrades. The Silver Institute
Bottom line: industrial usage now accounts for more than half of all silver demand, and the clean‑energy build‑out is still accelerating.
3. Structural supply deficit and tight inventories
Demand isn’t the whole story; supply is struggling to keep up:
- LSEG data quoted by Reuters show a market deficit of about 501 million ounces in 2024, compared with just 19 million ounces in 2023 – a dramatic widening. Reuters
- Mining Technology projections, also cited by Reuters and Goldinvest, suggest global mine output could fall from around 944 million ounces this year to 901 million by 2030, even as demand rises. Reuters
- A recent FXStreet note on the record breakout highlights that silver inventories at Shanghai Futures Exchange warehouses have dropped to their lowest level since 2015, while turnover on the Shanghai Gold Exchange is at a nine‑year low – signs of tight physical availability and reduced selling pressure. FXStreet
Deutsche Bank, in a separate gold‑focused note, explicitly flags “years of undersupply in silver, platinum and palladium”, arguing that tight physical markets make these metals more sensitive to gold’s strength. Reuters
4. Safe‑haven demand, Trump, and geopolitics
Beyond rates and supply/demand, broader macro and political themes matter:
- Reuters’ commodities column notes that the return of Donald Trump to the U.S. presidency has stoked expectations of looser monetary policy and raised questions about the long‑term appeal of U.S. Treasuries, encouraging diversification into precious metals. Reuters
- Ongoing geopolitical tensions and worries about global growth have reinforced silver’s role as a “second safe haven” alongside gold, especially for retail investors seeking a cheaper way into the precious‑metals complex. Meyka
5. Market structure: CME outage and technical breakout
Friday’s record spike had some market‑plumbing drama behind it:
- Reuters reports that an hours‑long outage at CME Group’s Globex platform briefly halted trading in FX, commodities, Treasuries and equities. When futures trading resumed, silver prices surged, helping propel the intraday high to $56.78. Reuters
- FXStreet’s breakout analysis describes a technical “falling wedge” breakout, with silver trading well above its rising 21‑day moving average (around $50.7) and momentum indicators such as MACD and RSI signalling strong, if overbought, bullish momentum. FXStreet
- Goldinvest’s chart commentary echoes this, pointing out that the MACD buy signal remained intact and that the overbought readings suggest a pause or minor consolidation rather than an immediate trend reversal. Goldinvest
Fresh analysis as of 30 November 2025
Several research desks and trading sites published new silver commentary right up to 30 November:
- DailyForex Weekly Forecast (30 Nov):
- Calls silver one of last week’s “standout” assets, closing at a new all‑time high after an unusually large bullish daily move.
- The analyst, a trend trader, feels “obliged” to be long silver but opts for half normal position size to account for the strength of the preceding rally and the risk of a sharp pullback. DailyForex
- FXStreet (28 Nov) – “Silver surges to record high above $56”:
- Emphasises a seventh consecutive monthly gain and more than 12% rise just in the past week.
- Stresses that 2025 is on track to be the fifth straight year of a structural supply deficit, citing the Silver Institute, and notes shrinking Chinese inventories as a key supporting factor. FXStreet
- Meyka AI “XAGUSD News Today, Nov 30”:
- Frames the move as a record‑high surge driven by global demand and supply constraints, with safe‑haven flows layered on top of expanding electronics and renewable‑energy usage. Meyka
Collectively, the tone from short‑term traders and analysts is bullish but cautious: momentum is strong, but volatility is elevated and positioning is crowded.
Silver price forecasts for 2025–2026
Forecasts are all over the map – from relatively conservative bank targets to aggressive calls for triple‑digit silver.
Major bank views
Compiled forecasts referenced by GoldSilver.com and other outlets show a range of institutional expectations: GoldSilver
- UBS: Around $55/oz by mid‑2026 – essentially flat to modestly higher than today’s spot price.
- Bank of America: Roughly $65/oz by 2026, implying further upside of ~15–20% from current levels.
- Citi: Recently cut its silver forecast to about $42/oz from $55, reflecting concerns that easing geopolitical risk and lower inflation expectations could cool the rally. The Economic Times
It is worth noting that Citi’s revised target is now well below spot prices, illustrating how quickly the market has outrun some earlier forecasts.
Deutsche Bank’s latest note doesn’t give a specific silver price, but by pointing to “years of undersupply” and tight lease markets in silver, platinum and palladium, it implicitly supports a structurally positive view for the complex, especially if gold remains strong. Reuters
$100 silver? The bullish camp
Some analysts are much more optimistic:
- A deVere Group blog summarises comments from Philippe Gijsels of BNP Paribas, who told CNBC it is “certainly possible” for silver to double toward $100/oz by the end of 2026, given the combination of inflation, volatility, and safe‑haven demand. deVere Group
- The same piece references veteran investor Peter Grandich and others who see triple‑digit silver as plausible over the next several years, if monetary and fiscal strains intensify. deVere Group
- GoldSilver’s survey of forecasters lists more speculative upside cases from independent research shops, including scenarios with silver in the $130–$200+ range by 2030, though these rely on aggressive assumptions about deficits and currency debasement. GoldSilver
These triple‑digit scenarios are far from consensus, but they help explain why speculative interest has surged as soon as silver made new highs.
Quant and algorithmic models
Algorithmic forecast sites provide another angle – useful mainly as sentiment indicators, not hard predictions:
- CoinCodex (trend‑following crypto‑style model):
- Current price: ~$56.6/oz.
- 14‑day target: midpoint around $60, with a possible range roughly $53.5–$60.0.
- 30‑day projection: near $74/oz, implying around 30% upside if the current trend persists.
- Long‑term (2030) range: $222–$302/oz, which would represent several‑hundred‑percent gains from today’s levels. CoinCodex
- WalletInvestor (statistical time‑series model):
- Today: $56.446/oz (30 November 2025).
- 1‑year forecast: slight dip to around $55.9/oz, which the site labels as a “bad” one‑year investment profile.
- 5‑year forecast (to late 2030): about $72.44/oz, or roughly +28% from today, assuming the long‑term trend grinds higher. Walletinvestor
These models underline a key point: short‑term outcomes are highly uncertain, but many quantitative systems still see a positive bias over multi‑year horizons.
Longer‑term outlook to 2030
Looking out beyond 2026, forecasters broadly agree on a few themes:
- Industrial demand is set to keep growing, especially from solar, EVs, advanced electronics and AI‑related infrastructure – all areas highlighted by the Silver Institute and recent research articles. The Silver Institute
- Mine supply growth is constrained by long project lead times, the by‑product nature of most silver production, and expected closures of some existing operations by 2030. Reuters
- As a result, many analysts see a “new normal” trading range developing at higher prices than in the 2010s, even if today’s levels prove temporarily stretched. GoldSilver’s synthesis, for example, suggests that $50–$70/oz could become a plausible long‑term consolidation band if current fundamentals persist. GoldSilver
Overlaying this are the “tail risk” scenarios – deep sovereign‑debt stress, aggressive currency debasement, or geopolitical crises – where triple‑digit silver becomes possible, though not guaranteed.
Risks: why this silver rally is still fragile
Even in a bullish structural story, there are real risks that could hit the silver price:
- Overbought technicals
- FXStreet’s breakout piece notes that the RSI is above 70, a classic overbought reading, and that the rally is occurring far above key moving averages. FXStreet
- Goldinvest’s chart analysis reaches similar conclusions, warning that momentum indicators are near multi‑month extremes and that a “quieter phase” or short‑term correction would not be unusual. Goldinvest
- Fed and macro disappointment
- If the Fed delays rate cuts, or if inflation surprises to the upside, real yields could move higher again, undermining part of the bullish thesis. Several articles, including from Reuters and FXStreet, explicitly flag “less easing than markets expect” as a key downside risk for precious metals. Reuters
- Demand destruction and substitution
- The Silver Institute already notes some “thrifting” and material substitution in the PV industry as manufacturers try to reduce silver loadings per cell. The Silver Institute
- If prices stay very high, jewellery and silverware demand – particularly in price‑sensitive markets like India – could weaken further, partially offsetting gains in industrial sectors. The Silver Institute
- Positioning and volatility
- After such a rapid climb, speculative positions in futures and options are likely crowded to the long side. FX and CFD‑oriented analyses (DailyForex, FXStreet) repeatedly stress that volatility is elevated and that traders may want to use smaller position sizes or tighter risk controls. DailyForex
None of these negate the structural bull case, but they highlight that path risk – the journey between here and any long‑term target – could be very bumpy.
What this means for investors (not investment advice)
For investors and traders watching silver on 30 November 2025, a few practical takeaways emerge from today’s research and forecasts:
- The structural narrative is strong: multi‑year supply deficits, booming solar demand and constrained mine output provide a solid fundamental backdrop, acknowledged by both industry bodies and major banks. The Silver Institute
- Short‑term conditions are stretched: technical indicators, recent one‑week gains, and the sheer speed of the move above $50 all argue for caution in the near term. FXStreet
- Forecasts are wide‑ranging: conservative institutional targets cluster around $50–$65 by 2026, while more aggressive voices talk about $100+ possibilities and some quant models sketch out even higher paths by 2030. The Economic Times
As always, silver is a high‑beta, high‑volatility asset. It can move dramatically both up and down, and even bullish long‑term theses can experience deep interim drawdowns.
Anyone considering exposure should:
- Treat the above as information, not a recommendation.
- Factor in their own risk tolerance, time horizon and portfolio diversification.
- Consider staged or dollar‑cost averaging approaches rather than a single all‑in bet – a strategy many analysts at GoldSilver and elsewhere suggest for navigating powerful but unpredictable cycles. GoldSilver
