Silver is trading near $58 per ounce as of early August 2026, down sharply from the nominal all-time high of $121.64 the metal reached in late January. The metal has moved through several distinct phases this year, first surging to that record on a wave of geopolitical uncertainty, supply deficits, and industrial demand tied to solar energy and electric vehicle production, then correcting into the mid-$70s before easing further through the summer months.
Despite the pullback from January's peak, institutional forecasts still point to a recovery later in the year. Consensus estimates from major banks including J.P. Morgan put 2026 price targets in the $79 to $81 range, with some analysts suggesting silver could cross $100 per ounce by 2030 if the dollar weakens and physical supply stays tight. Others caution that a fresh run toward the January high is unlikely this year without renewed geopolitical or inflation pressure.
The price swings come as the silver market heads toward a sixth consecutive annual supply deficit, with rising industrial demand from solar panel and electronics manufacturing continuing to outpace mine production even as prices have cooled from their record levels.
Source: CBS News -- https://www.cbsnews.com/news/how-silvers-price-changed-2026/