Silver Price Prediction: 2026 Through 2031 Forecast

Silver crossed $120 an ounce in late January 2026, then dropped back below $80 inside three weeks. So, what is the silver price prediction for 2026 and beyond? This guide covers the named forecasts plus both bull and bear scenarios through 2031.

Silver trades around ... per ounce now, and forecasts for 2026 to 2031 are unusually wide. Named targets range from the high $50s to well above $130, and a persistent structural supply deficit tilts the long-run fundamentals higher. Expect heavy volatility along the way.

Key takeaways

• Current spot: Silver trades around ... per ounce, inside the 2026 bear range of $60 to $75.
• Named forecasts: J.P. Morgan sees a 2026 average of $70.6 (Q4 $63.0), while Bank of America’s long-term range runs $135 to $309.
• Supply backdrop: The Silver Institute projects a sixth straight annual deficit near 67 Moz, even as 2026 industrial demand falls to a four-year low.
• How to read it: Ranges beat single targets, so plan against current spot rather than one number.

We also chatted about silver price predictions on our podcast:

Silver price forecast at a glance

Here’s how the major named forecasts compare:

Source	Forecast	Timeframe / date
J.P. Morgan Global Research	2026 average $70.6, Q4 2026 $63.0 an ounce	Aug 13, 2026
Bank of America	$135 to $309, on gold-to-silver ratio compression	Long-term, Feb 25, 2026
Goldman Sachs	$85 to $100 an ounce	2026
HSBC	About $57 average	2027
LBMA Precious Metals Forecast Survey	$79.57 median	2026 survey
The Silver Institute	Sixth consecutive annual supply deficit, about 67 Moz (not a price target)	2026 supply backdrop

These forecasts span a wide range, from HSBC’s 2027 average near $57 to Bank of America’s long-term $309, and they move quickly as prices swing.

How the forecasts have moved

Single price targets age fast, which is why ranges are more useful. J.P. Morgan is the clearest example. In May 2026, the bank modeled a 2026 average of $84.3, a Q4 2026 figure of $90.0, and a 2027 average of $85.8. By August 13, 2026, it had cut those to $70.6, $63.0, and $63.9. That’s a large move in three months, so plan against current spot and a range, not one number.

Where the silver market stands now

Silver started 2025 near $30 an ounce. By year-end, it had run past $70, a gain of more than 130%. In January 2026, prices briefly hit about $121.64 before reversing on two events:

• Tariffs: The Trump administration concluded its Section 232 critical minerals review without imposing broad tariffs on silver.
• Federal Reserve: Kevin Warsh is now the Fed chair. When his selection was announced in January, silver dropped 27% in a few days and gold fell 10%.

The gold-to-silver ratio compressed from 80 to 1 down to 50 to 1 at silver’s peak, then moved back to about 68 to 1. J.P. Morgan sees it normalizing toward about 70 in the second half of 2026 and about 75 in 2027. Silver has always been more volatile than gold, and the long-run average is about 80 to 1. When the ratio runs well above that average, many investors see silver as relatively cheap, and it usually reverts over time.

The physical silver market is about one-tenth the size of gold’s, and silver futures run about a fifth the size. That thin depth means one normal trade can move the price a lot, so a range of outcomes gives you a better way to plan than a single price target.

What to watch over the next 30 days

Three near-term events could move silver:

• Jackson Hole: Fed chair Kevin Warsh is set to speak later this month, and his tone on rates could move silver quickly.
• The next FOMC meeting: The Fed’s next scheduled meeting will signal whether cuts or holds are ahead.
• The next CPI print: The next inflation reading will shape rate expectations and real yields.

What’s driving the silver price prediction

Every 2026 silver forecast comes back to the same four drivers.

1) Industrial demand: solar, EVs, AI, and electronics

Industrial demand accounts for roughly 60% of annual silver consumption, and it reached a record 680.5 million ounces in 2024, according to the Silver Institute. But 2026 turns lower. The Silver Institute projects industrial fabrication demand falls about 2% to roughly 650 million ounces in 2026, a four-year low, on solar (PV) weakness.

• Solar panels: Solar is the largest single industrial use of silver, but demand for it is falling in 2026.
• Electric vehicles: They use much more silver than a combustion vehicle.
• AI data centers and high-performance computing: They add demand because silver conducts electricity and heat better than any other metal.

J.P. Morgan sees solar demand for silver falling about 30% in 2026, roughly a 60 million ounce reduction from the prior year. The drop comes from thrifting and from China removing the PV export VAT rebate on April 1. Even so, the market still runs a deficit of about 67 Moz, so the long-run supply story isn’t off the table.

2) The byproduct supply problem

Most silver is produced as a byproduct of mining other metals like copper, lead, and zinc, rather than from dedicated silver mines. Silver supply depends on the economics of base metals, not on silver prices.

A doubling of silver prices doesn’t produce a doubling of silver-only mining capacity. Recycled supply responds faster, and the Silver Institute expects recycling above 200 million ounces in 2026, a rise of about 7%. Even so, the supply side remains constrained, and the market is on track for another annual deficit in 2026.

3) Federal Reserve, the US dollar, and real interest rates

Silver is a macro asset. What investors pay depends on real interest rates, where the dollar is headed, and how much credibility the Fed has. Kevin Warsh is now the Fed chair. The 27% silver drop when his selection was announced showed how fast multiples compress on a single piece of news.

Periods of lower real rates, dollar weakness, or rising global debt have historically supported the price of silver. The Fed’s stance is the biggest unknown in any 2026 silver forecast.

4) Tariffs and Section 232

The Section 232 critical minerals review concluded in October 2025 without broad tariffs on silver. The Trump administration has been negotiating bilateral agreements with trading partners. Commerce’s report on those talks was due July 13, 2026, which is 180 days from Proclamation 11001, issued January 15, 2026. That deadline has passed, and as of mid-August 2026, no public outcome has been announced.

If additional tariffs are imposed, the trade that moved silver inventories from London to COMEX in 2025 could happen again, tightening physical silver liquidity outside the US and increasing prices.

Silver price prediction for 2026

Analyst forecasts for 2026 span a wide range. Here’s how the major forecasts and models compare:

Source	Type	2026 forecast
J.P. Morgan	Bank research	$70.6 average (Q4 $63.0)
WalletInvestor	Algorithmic model	$84.90 to $91.78
CoinCodex	Algorithmic model	$58.70 average
InvestingHaven	Algorithmic model	$50 to $100+
Robert Kiyosaki	Outlier crisis-thesis call	$200 debt-crisis view

J.P. Morgan’s Greg Shearer, who heads base and precious metals strategy, cut the bank’s forecast on August 13, 2026, lowering the 2026 average roughly 16% and the 2027 average about 26%. “The significant unwind of physical tightness … sets up a backdrop where, on days when gold slips, silver has a much more outsized tumble,” Shearer said. HSBC is more conservative, expecting a lower average.

Three price levels stand out right now. With spot around ..., the recent floor is in the mid-$60s, near where silver traded in the $56 to $58 range in June 2026. $80 is overhead resistance, roughly 25% above spot. $100 and the January high of about $121.64 are further-out references that would need a sustained move higher.

Silver price prediction for 2027

J.P. Morgan projects a 2027 average of $63.9, below its 2026 average as physical tightness unwinds. HSBC is in similar territory, with an average near $57, assuming supply gradually normalizes and prices ease.

The solar industry keeps reducing silver per panel through thrifting, and some manufacturers are exploring copper as a substitute. That thrifting is already showing up in 2026’s lower industrial demand. Any offset would come from electric vehicles, AI infrastructure, and grid buildout.

Silver price prediction for 2028

By 2028, the base range runs $80 to $105 an ounce, with the bull case reaching $115 to $150 if the deficit keeps widening. The bear case holds $60 to $80 if rates stay high and solar thrifting accelerates.

Silver price prediction for 2029

The 2029 base range moves up to $85 to $115 an ounce. The bull case stretches to $125 to $165, while the bear case holds $65 to $85.

Silver price prediction for 2030

The evidence leans toward the conservative camp for now: today’s spot is in the bear range and near-term bank forecasts have come down, even as the multi-year deficit keeps a moderate upside case alive.

The 2030 prediction splits into two camps: bank analysts and trader-facing models estimate $80 to $130, while cycle-based and crisis-thesis forecasts run around $200 and above.

The bullish case rests on a persistent supply deficit through the decade, solar deployment outrunning thrift, and a weakening US dollar.

• InvestingHaven, an algorithmic model, projects a wide, model-based range for 2030, citing a commodity supercycle. Its high end is uncertain and disputed across versions of the model.
• WalletInvestor, another model, sees it lower at $109 to $118 through 2030.

The bull case needs the deficit to keep widening, with yearly shortfalls above 50 million ounces. The conservative case needs recycling to climb from current levels to 250 or 300 million ounces by 2030.

Silver price prediction for the next 5 years (2026 to 2031)

Over five years, scenarios are more useful than single targets. Here are the base, bull, and bear ranges:

Year	Base	Bull	Bear
2026	$80 to $95	$100 to $125	$60 to $75
2027	$75 to $95	$105 to $135	$55 to $70
2028	$80 to $105	$115 to $150	$60 to $80
2029	$85 to $115	$125 to $165	$65 to $85
2030	$90 to $125	$140 to $185	$70 to $90
2031	$95 to $135	$150 to $200	$75 to $95

Right now, spot in the mid-$60s falls inside the 2026 bear band of $60 to $75. Longer run, the multi-year deficit still tilts the fundamentals higher. The Silver Institute expects the deficit to persist through the decade. Central banks haven’t started buying silver the way they’ve bought gold, but demand from China, India, and Mexico keeps drawing down supply.

The bear case may happen if interest rates stay high and solar makers cut silver use faster than expected.

Silver price prediction long-term: 2040 and beyond

Forecasts past 2031 are more guesswork than data. Most analysts expect silver to keep climbing. Some researchers estimate solar could consume a large share of known silver reserves by 2050.

CoinCodex’s 2040 model, an algorithmic projection, averages around $183. Robert Kiyosaki and other crisis-focused forecasters call for above $500, an outlier crisis thesis. No big bank publishes a 2040 silver target.

Risks that could change the silver price prediction

Forecasts age fast in volatile markets. Here are the risks on both sides.

Bullish risks

• A solar demand rebound: If solar deployment outpaces thrifting and per-panel silver cuts, demand could climb again and supply falls further behind.
• Renewed tariffs on critical minerals: Another tariff push would tighten COMEX inventories again.
• Central bank buying: If central banks start treating silver as a critical mineral and stockpiling it, that adds a new buyer base.
• A faster dollar decline: A weaker dollar from debt, fiscal stress, or de-dollarization would make the bull scenarios hit harder.

Bearish risks

• A tighter Fed: If the second half of 2026 brings rate hikes instead of cuts, that pulls money out of silver.
• Silver-free solar tech: Cadmium telluride thin-film panels, already announced by major Chinese manufacturers, would take away a big source of demand.
• Higher recycling: If recycling responds to high prices more aggressively than expected, recycled supply narrows the deficit.

Silver’s role in your portfolio

Forecasts are a starting point, not a strategy. If silver fits your goals, here are the considerations to keep in mind:

• Time horizon: Most silver forecasts assume holds of at least 3 to 5 years. Volatility makes short-term timing hard to get right.
• Allocation: Conservative investors may hold 5% to 10% of a portfolio in precious metals. More aggressive allocations stretch to 15% to 20%.
• Physical vs. paper: Physical silver is yours to own with no counterparty risk, but you pay for storage and wider buy-sell spreads. You can trade paper silver easily through a brokerage, but you don’t own the metal.
• Volatility tolerance: Silver prices swing 2 to 3 times more than gold. If a 20% drawdown would force you to sell, your allocation may be too high.
• The form you buy: Government-minted coins like American Silver Eagles offer the most recognition and easiest resale. Silver bars are more cost-efficient per ounce but trade at slightly wider spreads.

Final thoughts on the silver price prediction

Silver price forecasts for 2026 to 2031 are wider than they’ve been in years, and the fundamentals point higher over the long run even though today’s spot is in the bear range. Expect volatility along the way.

To learn more about silver and gold investing, connect with the Swiss America team today.

Silver price prediction: FAQs

Will silver hit $100 in 2026?

Most mainstream banks don’t see $100 as their base case for 2026, but it’s in the upper range of what they think is possible.

• J.P. Morgan view: The bank’s 2026 average forecast is $70.6 an ounce, with a Q4 average of $63.0. $100 is above the central case.
• What would push it there: A renewed tariff push, continued investment demand from China and India, or a deficit above 70 million ounces.

Will silver reach $200 an ounce?

Some 2030 and 2031 scenarios cross $200, but no mainstream 2026 bank forecast puts silver above $130 for the year.

• Bull case timing: Multi-year scenario frameworks cross $200 in 2031 if the supply deficit persists.
• Crisis-thesis forecasts: Robert Kiyosaki publicly projects $200, a debt-and-currency thesis tied to economic uncertainty, raising the question of what silver would be worth if the economy collapses.
• What it requires: A persistent supply deficit through the decade, a weakening dollar, and solar demand growth outpacing recycling.

What is the silver price prediction for next week?

Weekly silver moves are driven by positioning and Federal Reserve commentary, not fundamentals.

• Daily volatility: Silver has shown daily moves of 5% to 10% in 2026, two to three times its long-run average.
• Macro triggers: Fed speeches, dollar moves, and gold prices drive most weekly volatility.
• Why short-term is unreliable: Silver’s smaller market size means a single large futures trade can move the price more than fundamental news.

What does the gold-to-silver ratio say about silver right now?

The current ratio is about 68 to 1 (66), below the long-run average of about 80 to 1, suggesting silver is closer to fair value against gold than a year ago. J.P. Morgan sees the ratio normalizing toward about 70 in the second half of 2026 and about 75 in 2027.

• Historical range: Over the past 15 years, the ratio has gone as high as 100 to 1 and as low as 50 to 1.
• How investors use it: Some buy silver when the ratio climbs above 80 to 1, betting it will come back down.
• Limitations: Both metals move a lot, so the ratio can narrow because silver rises or because gold falls.

Is physical silver or a silver ETF better right now?

The answer depends on what you’re trying to do. They are different financial instruments with different risks.

• Physical silver: You own the metal directly with no counterparty risk, but you take on storage costs and wider buy-sell spreads.
• Silver ETFs: Cheaper to trade and easier to hold in a brokerage account, but you hold a claim on the silver, not the silver itself.
• In high-volatility periods: Many investors hold both, using ETFs for trading exposure and physical silver for long-term wealth preservation.

The information in this post is for informational purposes only and should not be considered tax or legal advice. Please consult with your own tax professionals before making any decisions or taking action based on this information.