Silver traded in the mid $70s per ounce in early June 2026 after a turbulent first half, having fallen about 42 percent from a January record of $121.62 an ounce. Prices firmed above $69 mid-month as easing geopolitical tension, including a U.S.-brokered interim agreement to reopen the Strait of Hormuz, calmed energy and commodity markets.
Analyst targets remain constructive. J.P. Morgan Global Research projects silver will average about $81 per ounce in 2026, more than double its 2025 average, while Citigroup has set a target of $110 per ounce for the second half of the year. The forecasts reflect confidence in silver's supply and demand structure rather than the recent price swings.
Fundamentals continue to support the metal. Global silver coin and bar demand rose 14 percent in 2025, and the market has run structural supply deficits for several years, consuming more silver than it produces. Industrial pull is broadening, with AI data centers, electric vehicle electronics and other automotive applications adding to demand.
For mining companies, a sustained deficit paired with rising industrial use supports long-term demand even as near-term prices stay volatile.
Source: J.P. Morgan Global Research - https://www.jpmorgan.com/insights/global-research/commodities/silver-prices