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Like gold, silver experienced a powerful upswing in 2025, one that caught the attention of both seasoned precious metals investors and newcomers looking for alternatives to volatile equity markets. While silver doesn’t command the same four-figure price tag per ounce as gold, its percentage gains have been remarkable nonetheless. The metal entered 2025 at roughly $30 per ounce and surged to about $70 per troy ounce by late December, more than doubling in value over the course of the year.
This rapid acceleration reflects more than just investor enthusiasm. A combination of inflation pressures, supply constraints, geopolitical uncertainty and rising industrial demand all contributed to silver’s sharp climb. At the same time, the Federal Reserve’s late-2025 rate cuts helped fuel broader interest in hard assets, giving silver another tailwind. With the metal now sitting near historic highs, many investors are trying to determine whether silver still has room to run or if a cooling period is more likely.
To help answer that, we spoke with precious metal experts about what could push silver higher, what might cause a pullback and what conditions might lead to price stability in the year ahead. Here’s what they say investors should watch closely as the new year approaches.
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What’s the silver price forecast for 2026? Experts weigh in.
We spoke with gold and silver investment experts about silver price forecasts and what investors might see in 2026.
What needs to happen for silver prices to increase in 2026
High or rising inflation generally means rising silver prices as costs increase, explains Peter Reagan, Birch Gold Group financial market strategist. And, while inflation has been cooling recently, the reality is that the current inflation rate is still sitting above its 2% target, meaning that inflationary uncertainty still looms as we head into 2026. That, in turn, could impact the price of silver.
“Inflationary pressures are likely to keep rising, making it harder for people to plan for retirement,” Reagan says. “For silver specifically, while nothing is guaranteed, rising economic uncertainty and continued inflation suggest we could see both higher prices and stronger demand in the new year.”
Silver’s price will likely continue to see increases in 2026, Joshua D. Glawson, content manager for Money Metals Exchange, says, especially as the demand for other investment vehicles like precious metals exchange-traded funds and bonds increases.
“ETFs are creating more ‘demand’ than there is actual physical metal above ground. And some countries’ governments are now promoting these silver ETFs, which are driving up the price of silver futures and silver spot price,” Glawson says. “My prediction, although I cannot tell the future, is that the price of silver is going to continue to rise in 2026.”
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What needs to happen for silver prices to drop in 2026
However, if the Federal Reserve conducts any rate hikes in 2026, silver prices will likely drop, experts say. A higher rate environment causes yields to rise on other investment vehicles, such as high-yield savings accounts. And, investors may prefer the liquidity and higher rates offered by these investments over the volatile nature of silver, reducing demand for the metal.
A constricting U.S. economy and global manufacturing slowdown could also cause silver prices to slow down and decrease in 2026, Henry Yoshida, CFP, CEO and cofounder of Rocket Dollar, says. So, investors should watch for lower consumer and industrial demand, especially as tariffs restrict imports and drive up prices on goods.
“Investors should watch the three metrics that influence silver prices: real interest rates, global manufacturing activity, and the pace of renewable energy expansion,” Yoshida says. “If inflation cools and rates stay high for too long, silver prices will lag.”
What needs to happen for silver prices to stabilize in 2026
A strong balance of Federal Reserve fund rates leveling out and a slight slowdown in industrial demand could cause silver prices to level out in 2026, experts say.
“If industrial demand slows and real yields rise again, silver could either stabilize or retreat from current price levels,” Yoshida says.
The bottom line
The price of silver is widely expected to increase in 2026, according to precious metals investing experts. And, as silver continues to sit near or break recent price records, investors may see it as a cheaper alternative to gold, and they may be right. But if you’re planning to buy into this precious metal in the new year, make sure you fully understand how this type of investment works best. “If you’re a long-term investor, silver should be viewed more as a portfolio diversifier and not a short-term directional bet,” Yoshida says.