FRIDAY saw the price of silver climb to a new all-time high of just under $65, as the metal continues to benefit from strong industrial demand, a continued supply deficit and a weak greenback.
Analysts say US Dollar weakness and the possible appointment of a more dovish Federal Reserve Chair next year, potentially Kevin Hassett, are also contributing to the metal’s surge, while current price levels offer “a genuine opportunity to realise strong values”.
Over the summer, when the price of silver was flirting with the ‘milestone’ of $40, experts speaking to Newspage warned investors of missing out, and they now say “$80/oz is easily achievable by the end of 2026”.
Anita Wright, Chartered Financial Planner at Ribble Wealth Management, believes silver’s bull run will continue: “Silver’s jump looks like a liquidity and physical availability shock, not a gentle shift in sentiment.
“I would therefore expect continued upside pressure and would not assume normal pullbacks, although sharp retracements are always possible in fast markets.
“When confidence in financial assets and policy stability starts to wobble, gold tends to respond first as the primary monetary metal.
‘Silver then amplifies the move because it sits at the intersection of monetary demand and industrial necessity, with a smaller, tighter market structure that can be overwhelmed quickly.”
Industrial demand
Tony Redondo, Founder at Newquay-based Cosmos Currency Exchange, said the metal’s role in key growth sectors such as solar, EV and AI is a contributor but that there may be a near-term pullback before the metal pushes on.
He said: “Silver is surging, being driven by acute supply tightness and booming industrial demand. A combination of plunging supply and explosive solar, EV and AI usage have created extreme delivery stress.
“However, after a near‑parabolic run, a pullback or choppy consolidation soon is more likely than a straight-line rise.
“Still, the medium-term outlook remains strongly bullish with many expecting a price of $70–$100 in 2026, fuelled by persistent supply deficits and ETF (Exchange-Traded Fund) inflows. It’s starting to feel like this is the start of a major surge for silver, rather than isolated froth.”
Strong values in silver
Jim Tannahill, Managing Director at London-based Suttons and Robertsons, a pawnbroker, said: “From our side of the counter, last week’s move in silver didn’t come out of nowhere. We’re seeing strong industrial demand, a softer dollar and investors actively rotating into hard assets all at the same time.
“Silver tends to move fast when sentiment turns, and that’s exactly what’s happening now. For people holding physical silver, these price levels create a genuine opportunity to realise strong values.
“And with gold rising alongside it, many customers are choosing to pawn rather than sell — unlocking liquidity while keeping long-term exposure to an asset that’s clearly back in favour.
“Short-term pullbacks are always possible, but the broader trend in precious metals feels positive. In markets like this, having the option to sell or leverage bullion at today’s prices can be a very smart financial move for anyone looking to solve a short-term financial challenge.”
Eyes on the Fed
Nick Cawley, Analyst at Solomon Global, said all eyes on the next chair of the US Federal Reserve: “The next market driver for silver is the Fed chair appointment. Incumbent Powell’s term ends in May 2026, and Donald Trump is expected to announce his successor in the next couple of weeks.
“Kevin Hassett is the overwhelming favourite, and his comments this week underline that he is very likely to cut rates further next year, loosening liquidity and pushing rate-sensitive markets, such as silver, ever higher.
“The silver supply/demand mismatch and US dollar weakness continue to boost the price of silver. The outlook for silver in 2026 is bright but with a tad more volatility than this year.
“Once again, sell-offs will provide buying opportunities. Putting a number on silver is difficult, but I believe $80/oz is easily achievable by the end of 2026.”
Photo by Katie Harp on Unsplash
