Silver entered the second half of 2026 well off its highs but still sharply elevated from a year earlier. After setting an all-time high of 121.62 dollars an ounce in January 2026, the metal fell roughly 42 percent and was trading in the mid-70-dollar range in early June, recovering from March lows while remaining far below the winter peak.
The supply picture continues to support prices over the longer run. The Silver Institute projects a 67 million ounce market shortfall in 2026 as demand outpaces supply. The composition of that demand is shifting. Solar manufacturers cut the amount of silver used per panel by about 19 percent in response to high prices, and jewelry demand fell to multi-year lows, while data centers, electric vehicle electronics, and automotive applications added industrial consumption.
Forecasts from major banks vary widely. Citigroup set a 110 dollar target for the second half of 2026, citing expected physical shortages and rising industrial use. Commerzbank pointed to 90 dollars by year end, and UBS took a more conservative view at an average of 85 dollars.
Producer results reflected the stronger pricing. First Majestic Silver, which generated a peer-leading share of revenue from silver, reported record first-quarter revenue of 477 million dollars, up 95 percent, on a 26 percent rise in silver production, alongside record operating cash flow of 311 million dollars. The combination of a structural deficit and volatile pricing has kept silver among the more closely watched precious metals in 2026.
Source: GoldSilver - https://goldsilver.com/industry-news/article/silver-price-outlook-june-2026/