Silver ended 2025 with an exceptional performance that outperformed gold and most other assets, recording gains of over 170%, jumping from $29.50 at the beginning of the year to nearly $80 an ounce by the end of December.
Here is a timeline of key silver milestones in 2025, and major institutions' forecasts for 2026:
Silver stations in 2025: From tariffs to price explosion
Beginning of the year (January - March): The white metal started the year near $29.50, and saw a gradual rise to reach $34.40 in late March.
April Shock: President Trump’s announcement of sweeping tariffs (known as Liberation Day) caused silver to plummet back to levels of $29.50, and remained range-bound throughout May.
The real breakout (June-September): Momentum began to return with a break above $34 in June, reaching $41 in September, paving the way for the big rally.
Record-breaking phase (October - November): Silver hit a historic high above $54 in October, and despite some corrective pullbacks to retest support at $47, it regained its strength by the end of November.
The Parabolic Explosion (December): The last month of the year saw a very sharp upward movement; it broke through the $60 barrier in the first week, then $70 in the middle of the month, reaching $79.30 by December 26, just cents away from the $80 level.
Global corporate forecasts for 2026: Corporate caution versus individual optimism
Despite the current strength, banks and major institutions are showing caution regarding the sustainability of these record levels in the new year:
1. Heraeus Foundation: A period of inevitable correction
The organization expects precious metal prices to decline in the first part of 2026.
The reason: Prices have risen too quickly, necessitating a period of consolidation.
Expected range: Silver is expected to trade in a range between $43 and $62 per ounce.
2. TD Securities Bank: The Silver Flood Phenomenon
The bank expects prices to fall to the mid-forties (around $45).
The reason: The bank has detected what is known as #silverflood, the largest ever filling of London Free Zones (LBMA), with more than 212 million ounces now available, enough to cover the global market deficit for almost two years, removing the pressure to raise prices in order to bring in new supplies.
3. BMO Capital Markets Bank: Caution due to overbought conditions
The bank believes that silver appears to be overbought in recent weeks.
Target: The bank expects an average price for 2026 of $56.3, with the price reaching its annual peak in the fourth quarter at $60.
Summary
While technical experts and individual investors see silver potentially reaching $100 amid supply shortages and demand for renewable energy and artificial intelligence, financial institutions are betting that a flood of stockpiles in London will act as a brake on prices, potentially leading to a year of high volatility in 2026, far from the meteoric rise seen in 2025.
