Silver traded at $58.55 per ounce on July 14, 2026, and closed at $57.78 on July 15. The metal sits roughly 20 percent below where it opened the year and 53 percent below the all-time high of $121.67 per ounce recorded on January 29.
Prices firmed in early July, gaining close to 3 percent after United States jobs data came in weaker than expected and reduced market expectations for near-term Federal Reserve rate increases. Silver carries no yield, so shifts in rate expectations move the metal directly through the opportunity cost channel.
Forecasts for the balance of the year diverge sharply. Investors surveyed by custodian BullionVault produced an average year end estimate of $69.69 per ounce. Technical analysts have flagged the possibility of a multi-month corrective decline toward the $54.50 and $45.55 levels before any sustained recovery.
Supply data continues to point in one direction. The World Silver Survey 2026 projects a 46.3 million ounce deficit for the year, the sixth consecutive annual shortfall and wider than the 40.3 million ounce gap recorded in 2025.
Among United States producers, Hecla Mining holds the position of largest silver producer in the United States and Canada. Its Lucky Friday mine in Idaho is guided to produce between 4.7 million and 5.2 million ounces of silver in 2026. First Majestic Silver derives 66 percent of revenue from silver, the highest concentration among listed peers.
Source: GoldSilver - https://goldsilver.com/industry-news/article/silver-price-outlook-july-2026/