Silver traded at $58.04 per troy ounce on July 23, 2026, down 2.79 percent from the prior session close of $59.71. The metal reached $58.55 on July 14 and has declined 5.72 percent over the trailing month, though it remains roughly 48 percent above its level a year earlier.
Supply conditions continue to dominate the fundamental picture. The World Silver Survey 2026 projects a market shortfall of 46.3 million ounces this year, the sixth consecutive annual deficit and a wider gap than the 40.3 million ounce shortfall recorded in 2025. Persistent deficits have drawn down above-ground inventories held in exchange warehouses and vaulted storage.
Investment demand accounts for part of the pressure. The Silver Institute forecasts an 18 percent increase in physical investment in bars and coins during 2026, which would mark the highest level since 2022. A 57 percent rebound in demand from investors in the United States drives a significant share of that projected growth.
Producer results have tracked the price move. First Majestic Silver derived 66 percent of its 2026 revenue from silver, the highest proportion among its peer group. The company reported first quarter revenue of $477 million, a 95 percent increase, on a 26 percent rise in silver production, alongside operating cash flow of $311 million, up 182 percent.
Near-term price direction has been influenced by broader macro conditions, including hostilities in the Middle East and positioning ahead of Federal Reserve policy meetings.
Source: Investing News Network - https://investingnews.com/daily/resource-investing/precious-metals-investing/silver-investing/silver-forecast/