Silver climbed to $62.40 per troy ounce on July 3, gaining 2.41% on the day and heading for a weekly advance of nearly 6%, its strongest stretch since June 23. The rally recovered ground from seven-month lows touched earlier in the summer, as disappointing US jobs data prompted traders to reduce bets on further Federal Reserve rate tightening.
The move caps a volatile first half for the metal. Silver surged 147% in 2025 and reached a nominal all-time high of $121.64 in January 2026 before falling as much as 42% from that peak. Even after the drawdown, silver trades roughly 69% above its level a year ago, and the past month's 15% decline has drawn bargain hunters back into both physical metal and mining equities.
Wall Street forecasts remain constructive. J.P. Morgan Global Research projects silver will average $81 per ounce in 2026, more than double its 2025 average, while the broader analyst consensus centers near $107 with wide dispersion between bulls and bears.
The fundamental backdrop supports the bullish case: the global silver market is heading for its sixth consecutive annual supply deficit, and the cumulative shortfall since 2021 is approaching 800 million ounces. Lower US rates would further reduce the opportunity cost of holding the metal.
Source: Trading Economics - https://tradingeconomics.com/commodity/silver