Silver has drawn a wave of bullish price forecasts for 2026 as a multiyear supply deficit continues to support the metal. J.P. Morgan Global Research sees silver averaging $81 per ounce in 2026, more than double its 2025 average, while Citigroup has set a target of $110 per ounce in the second half of the year.
The metal traded around the mid-$70s per ounce in early June after a volatile first half. Silver moved above $68 an ounce earlier as easing geopolitical tension reduced energy-driven inflation fears, then swung with shifts in the dollar and Treasury yields. Stronger-than-expected U.S. jobs data pushed silver toward recent lows and reinforced expectations the Federal Reserve could raise rates by year-end, with markets pricing roughly a 70% chance of a quarter-point increase in December.
The bullish case rests on supply and demand fundamentals. Silver markets have run structural deficits for several years, meaning the world consumes more silver than it produces. Analysts point to demand from artificial intelligence infrastructure, electrification, renewable energy, and data center expansion as durable sources of industrial pull on the metal.
Near-term headwinds remain. Expectations that central banks may hold rates elevated have pressured precious metals, and a stronger dollar weighs on prices quoted in dollars. The path forward depends heavily on Federal Reserve policy and the strength of industrial demand.
In a bullish scenario, strong fundamentals and positive sentiment could push silver to $85 to $90 per ounce, with the more aggressive targets reaching into triple digits. The forecasts mark a sharp shift in tone after a quieter stretch for the metal.
Source: J.P. Morgan Global Research - https://www.jpmorgan.com/insights/global-research/commodities/silver-prices