Silver spot prices have outperformed gold since early 2024, rising over 50% from the start of 2024 through mid-2025 and nearly 30% year-to-date as of August 2025, which has supported higher prices throughout the year. This trend is driven by geopolitical risks, U.S. monetary policy and a surge in global industrial demand for silver to a new record high, particularly in green economy applications and the solar industry, with most analysts now forecasting average 2025 prices in the low-to-mid $30s per ounce and some targets near $40, according to recent forecasts.
That momentum has been driven by rising demand from "green economy applications," including the solar industry, which uses the metal in photovoltaics, or the conversion of light into electricity.
Overall global demand for silver "massively exceeded" supply last year, with that deficit extending into a fifth consecutive year in 2025, with the shortfall estimated at around 149 million ounces, according to the Silver Institute's World Silver Survey.
Silver Forecast & Price Prediction – Summary
- Silver price forecast Q3 2025: A longer-term bullish trend, combined with the short-term momentum made a compelling, technical, case for higher prices into early 2025. Silver went on to test and surpass the 2024 highs during Q1 and, as of August 2025, is consolidating near $37 per ounce, with the market watching the $38–$41 resistance zone for the next move.
- Silver price prediction 2025: Silver prices are forecasted to remain elevated in 2025, as overall global demand for silver “massively exceeded” supply last year, with that deficit extending into a fourth consecutive year in 2025. Global experts now see average prices in the $33 to $37.50 range this year, with potential tests toward $40 to $41 per ounce if resistance breaks, driven by ongoing geopolitical issues, a softer dollar, and significant economic developments.
- Silver price prediction for the next 5 years and beyond: Silver rate has been heavily influenced by industrial production cycles and a shifting level of investor interest globally. However, if the continued focus on the energy transition is accompanied by stronger global growth and a sustained breakout above the $38–$41 band, silver prices could push toward and above the $50 mark, a level many see as more plausible in early 2026 if momentum persists.
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Silver Forecast 2025 - Fundamental Outlook: Significant supply deficit persisting through 2025
Silver’s outlook in the coming few months depends heavily upon two factors:
Investors are keeping an eye on the rate and pace of the US Federal Reserve and other central banks’ policy moves in the coming months, as benchmark rates have been held steady so far in 2025 after late-2024 cuts, and any shift toward gradual easing is likely to affect precious metals and other commodities.
The progress of the Middle East and Russian conflicts is also a key factor for metal prices, as currently, silver is also seeing some safe-haven demand, as the crises continue. This trend has persisted amid slowing global economic growth in 2025, intermittent mild recession risks, and a mid-year uptick in inflation.
It is important to understand that Silver serves two primary functions. It’s a precious metal with a monetary role and an industrial metal with numerous and growing applications. It’s also in jewelry and silverware and other objects, of course, but predicting the price comes mostly from these two functions. When assessing the state of the silver market, analysts focus on four key areas: mine supply, traditional industrial demand, investment demand and green demand.
Silver demand heads for a fresh record high
According to recent analyses, the global silver market has remained in a significant deficit in 2025, silver has outperformed gold in terms of gains.
The World Silver Survey, which was issued in mid-April, indicates that the worldwide industrial demand for silver has reached a new record high this year, contributing to the shortage.
The latest World Silver Survey indicates that industrial demand for silver is at a record high. The solar industry, which employs the metal in photovoltaics, or the conversion of light into power, as well as other "green economy applications," has backed that.
According to the report, the demand for silver "massively exceeded" supply globally last year, and in 2025 it has continued for a seventh year in a row.
According to Metals Focus, the silver-market deficit in 2025 remains substantial. While not confirmed as the second highest on record, 2022’s deficit of 263.5 million ounces still marks a record high.
Silver outpaces gold’s rise
Given the rise in silver prices in 2025—up about 32% to $38, a 14-year high—analysts from the Silver Institute and other financial institutions anticipate further gains, supported by industrial demand and ongoing supply constraints.
For illustrative purposes only. Past performance is not indicative of future results.
Still, silver has managed to outpace gold’s rise year to date, with silver up around 32% and gold up around 28.5%, according to the latest market data and spot pricing as of August 20, 2025.
According to the Silver Institute poll, there is a "traditional view that silver will outperform gold in a bull market, " a view whose outperformance had been muted." in earlier phases but has reasserted itself in 2025. It also noted that while $25 acted as firm resistance through 2023 and early 2024, prices have since broken decisively above that level.
It said that while silver had "not enjoyed to anywhere near the same extent," gold had profited from "broad safe-haven buying and reserve/portfolio diversification among central banks and investors with a longer-term horizon", a dynamic that dominated 2023–2024 but has narrowed in 2025 as silver demand and prices surged and the gold–silver ratio contracted.
The survey also highlighted the positive impact of China’s economic recovery in 2025 on the local economy, which has significantly enhanced base metal pricing and increased industrial demand for silver this year.
Supply deficit and investor interest
After a 22% drop in physical investment to a five-year low in 2024 (190.9 million ounces), the global silver supply gap narrowed by roughly 21% in 2025 to about 118 million ounces. Silver mine production has increased only modestly in recent years and still does not keep pace with the rising industrial and investment demand.
According to the Silver Institute, industrial demand for silver hit a record near 680 million ounces in 2024 and held roughly steady in 2025, not yet surpassing 700 million ounces, while the silver supply gap continued to remain substantial.
According to the report, investor interest in silver increased in the first half of 2025, with sizable net inflows into silver-backed ETPs, driven by expectations of a rate-cutting cycle as reiterated by the US Federal Reserve, alongside improving demand in Europe and North America.
According to the Silver Institute, a broadly dovish stance in 2025 remains likely, with markets now pricing three policy rate cuts of 25 basis points apiece in September, October, and December, contingent on continued declines in inflation, after the Federal Reserve held the target range at 4.25%–4.50% through mid-August. Such a dovish monetary shift is anticipated to further support investment in precious metals like silver.
The report advised that investing in precious metals, particularly silver, should be encouraged in the second half of 2025 due to the anticipated decline in yields, especially in real terms, with the first cuts expected as early as September.
A high gold-to-silver ratio—which has remained elevated in 2025—will also "attract some investors who view silver as undervalued over the long term, perhaps also as its strong fundamentals gain attention," according to the silver outlook for 2025, despite the recent decline.
However, the extent of silver's recovery will depend on how China’s uneven economic recovery continues to support silver demand, particularly from electronics and solar, the report said.
Technical Silver Price Forecast Q3 2025
Looking at the historical price action, silver spent much of 2022 and early 2023 consolidating in a broad range below $27.50 before gradually shifting into an uptrend through 2023. The price broke above the moving averages decisively in late 2023 and has been making higher highs and higher lows since then. The long-term bullish structure was confirmed when the market broke through the $30 psychological level and held above it, leading to an accelerated move higher in 2024.
In the most recent weeks, silver has tested and briefly pierced the $39.50 region before consolidating just below it, with current candles showing smaller bodies compared to the strong bullish impulsive moves of the previous months. This suggests a pause in momentum near resistance. Price remains well above the $35.00 breakout area, which now acts as major support.
From an indicator perspective, the RSI on the weekly chart is at 63, reflecting bullish momentum without being in overbought territory. The stochastic oscillator is pointing downward after a recent overbought condition, hinting at cooling momentum. Moving averages remain bullishly aligned, with the 50-week (green), 100-week (blue), and 200-week (yellow) MAs all trending upward and showing supportive structure. The ATR has decreased slightly, suggesting volatility is stabilizing after the sharp rally earlier this year.
The main scenario favors continuation of the broader bullish trend, provided price holds above the $35.00 level. If the current consolidation evolves into a base, silver may attempt another breakout above $39.50, which could open the way toward the psychological $40.00 level and beyond. Sustained momentum above this zone would confirm the strength of buyers.
The alternative scenario is a deeper correction from the current resistance. If sellers capitalize on overextended conditions, a retracement toward $35.00 is possible, with $32.10 and $31.50 serving as deeper support levels. A close below $31.50 would threaten the bullish structure and expose the price toward the $29.00 region.
For illustrative purposes only. Past performance is not indicative of future results.
In the short term, silver faces resistance near $38, a multi-year high retested multiple times in July–August 2025. The daily chart shows a consolidation flag above $35 following the 2024–2025 advance of 50%+, but momentum gauges have cooled toward neutral, suggesting consolidation is likely. Immediate support lies at $36–$35 (near the 50-day EMA), with a breakdown potentially triggering a pullback toward $34–$33.50. Conversely, a breakout above $38 could accelerate gains toward $40–$41, levels last seen in 2012.
Silver Forecast and Price Predictions 2025
The Silver Institute’s World Silver Survey 2025 confirms silver remains in a seventh consecutive year of structural deficit, with prices supported by strong industrial demand and renewed safe-haven buying amid ongoing tariffs and geopolitical tensions. They report that global silver demand is tracking near 1.15 billion ounces in 2025—down about 1% year over year to a four-year low—with industrial uses now accounting for nearly 60% of total demand.
Citigroup maintains a $40/oz silver price target for 2025, citing persistent supply deficits and accelerating industrial consumption in the solar/EV sectors, with support seen from buyers eyeing value after bouts of May volatility. They argued that silver would rally in anticipation of the fall in U.S. interest rates and real yields that would likely accompany an anticipated rollover in U.S. growth in 2025 and prices have already pushed above $35/oz into mid-year. This dynamic tends to weigh on the dollar, with a price target of $40 for silver in 2025 driven by robust industrial demand and monetary movements.
Commerzbank’s 2025 outlook centers on the low-$30s by year-end, noting reduced ETF outflows and stronger-than-expected photovoltaic demand. They note that adverse factors such as high interest rates and weaker investment demand are fading in 2025 and that strong industrial demand will boost prices.
How to Invest in Emerging Markets
The World Bank’s April 2025 Commodity Markets Outlook shows silver prices trending sharply higher, with spot near $37.20/oz as of August 20, 2025 (roughly 25% higher year-over-year), outperforming base metals on safe-haven demand and investment flows, following a decline of over 20% in 2023. Earlier calls for a 4% decline in 2024 were overtaken by events as precious metals surged; the World Bank subsequently projected silver averaging about $26/oz in 2025 (roughly a 4% rise from 2024), a level that has been exceeded by actual market prices year-to-date.
Bank of America’s commentary has highlighted silver’s role in electronics and data infrastructure, but recent public materials do not quantify an 18% demand growth figure from chipmakers and data centers; in practice, safe-haven buying has been the dominant driver this year, with industrial demand signals mixed.
InvestingHaven.com updated its silver forecast and price prediction: "The price of silver will test former all-time highs in 2025, reaching $49". They continue to predict silver could reach $77 before 2028 due to strong industrial demand and a bullish macroeconomic environment, although spot has not reached $49 as of late August 2025.
Reports earlier in 2025 attributed to JP Morgan projecting silver reaching $38/oz by Q4 and a falling gold/silver ratio were not confirmed in publicly available reports; nonetheless, the bank has broadly cited the influence of prospective Fed rate cuts and lower US yields, and silver already broke the $30 mark earlier this year as rates eased.
ANZ Research’s Daniel Hynes and Soni Kumari have argued that silver will largely follow gold, with investment and industrial demand supportive amid a widening market deficit; while specific public targets vary over time, the market has already traded above USD31/oz well before year-end 2025.
While analysts are typically cautious in issuing long-term forecasts for commodities, algorithm-based forecasting services regularly provide price outlooks for more extended periods.
According to Trading Economics global macro models and analysts’ expectations, silver is forecast to trade around $38.77 per troy ounce by the end of this quarter. The website now projects silver at approximately $41.41 in 12 months’ time, or by August 2026
Gov Capital’s 2025 algorithmic forecast has projected silver hitting $40 by December, with machine learning models previously identifying $32.64 as critical resistance—a level surpassed earlier this year. The platform sees silver rising to $40 by the end of December 2025, $58 by the end of 2026, and $122 during 2029. This is one of the most bullish Silver price predictions for the next 5 years.
Wallet Investor’s silver price forecast for 2024 was neutral, but it has since been superseded by more current outlooks.
The website saw the precious metal closing in 2024 at the $27 mark, a projection that is now largely treated as outdated context rather than current guidance. The platform’s silver price forecast for 2025 saw silver rising to $40 by December 2025, while recent mainstream forecasts generally bracket 2025 in the $33–$41 range and suggest any sustained move to $40 may arrive by late 2025 or early 2026.
In his book, “The Great Silver Bull,” Peter Krauth derived a valuation of $300 silver through technical analysis, a view that sits well outside today’s consensus. Krauth has a model that forecasts that gold’s price will rise to $5,000 by 2030, which would drag silver’s price up to $300, whereas major houses now look for gold nearer $4,000 by late 2025 or early 2026 and keep long-run silver targets far below $300. This is due to gold’s use as an inflation hedge.
“My thesis is that if you look at what’s happening with inflation, and if you look at how other assets are hurting,” he said.
Here are some updated 2025 Silver forecasts we have gathered from numerous analysts both inside and outside of the silver industry as of August 2025.
You can see that while many are moderate to strongly bullish, there is some disparity among the silver price predictions for 2025, with several banks centering on $33–$41 and some technical work flagging a possible breakout toward $50 by early 2026 if $38–$41 resistance is cleared.
When considering silver price predictions, it’s important to remember that high market volatility makes it difficult to give long-term estimates.
As such, analysts now highlight industrial demand and geopolitical factors as key drivers for 2025 prices, alongside silver’s recent consolidation near the mid-$30s. Always do your own research before making an investment decision. And never trade or invest more than you can afford to lose.
Leading indicators supporting the silver forecast & price predictions
Experts forecast silver to continue higher into late 2025, with targets around $38–$41/oz, as moderating yields and sustained supply deficits underpin the trend; spot sits near $37.20. Silver and yields are inversely correlated. The bullish 2025 view is supported by four indicators: deficits, yields, industrial demand, and investment flows.
In this section, we explain how experts derive their bullish silver forecast. In this section, we explain how experts derive their bullish silver forecast, relying on the CFTC’s weekly CoT positioning—commercials net short, speculators net long—amid 2025 all-time highs and a recent pullback in managed-money longs.
Gold Price & Gold/Silver Ratio
Gold has continued its upward trajectory in 2025., setting new record highs. We give more detail about gold’s 2025 path in our gold forecast and price prediction.
The gold/silver ratio is simply the price of gold divided by the price of silver. Since both are considered monetary metals, they usually move together—which can give us clues when the ratio gets stretched in one direction or the other.
The higher the ratio the more undervalued silver tends to be relative to gold; the lower the ratio the more overvalued silver is to gold.
And when readings get stretched, they tend to correct themselves, as this chart shows… notice the ratio roughly corresponds to the highs and lows in precious metals cycles: in 2025 it has remained elevated, suggesting silver’s relative undervaluation.
The historical evidence suggests that the gold-to-silver ratio entering the 80 to 100x range may act as a signal for a significant rally in the price of silver. At this very point in time, the gold-to-silver ratio chart has been above 85x since early 2025, sitting near 87–88x in mid-August after spiking to about 100x in May 2025.
The gold-to-silver ratio is not a timing indicator; it is a stretch indicator. It suggests that silver is extremely undervalued relative to gold, it suggests that it’s a matter of time until spot silver starts reacting to the upside or gold to the downside, though the precise timing remains uncertain.
GoldSilver.com also expects to see the gold/silver ratio drop below 20. “The day that people rush back to gold and silver as monetary assets is the day you’ll see the ratio revert back to its 1980 low of 14, giving you enormous leverage to gold”. This remains a speculative scenario and has not materialized so far in 2025.
InvestingHeaven.com expected a gold/silver ratio of 40 points might be hit mid-2025, which did not occur. For this target to be hit, silver must double with gold being equal.
The gold/silver ratio suggests the silver price is likely to rise according to market watchers and supports the bullish silver price predictions for the next 5 years, even though the anticipated sharp ratio compression has not yet taken place in 2025.
Gold Forecast & Price Predictions 2025, 2026, 2030
Interest Rates Expectations
Silver is both an investment and is consumed in the manufacture of jewelry, electronics, electric vehicles, and solar panels, which have been gaining traction amid the global green energy transition. Silver price has confirmed the bullish breakout pattern, up nearly 30% year-to-date to about $37.50/oz on persistent supply deficits and strong industrial demand.
Supported by higher-than-expected US inflation data, it has put back into the discussion about when the Federal Reserve would begin to ease monetary policy, which it has not yet done as of August 2025. As a yieldless asset, Silver tends to rise with lower interest rates.
When will Interest Rates Go Down
Eur/Usd
Precious metals often need a rising Euro (falling or flat USD) in order to shine. EUR/USD is expected to remain range-bound through late 2025 (roughly 1.16–1.20), with key levels influenced by U.S. inflation data, Federal Reserve rate policy and ECB monetary policy. We gave much more detail about the expected path of EURUSD in our Euro to Dollar forecast for 2025.
According to FX strategists, EUR/USD is fairly valued around current levels. In other words, there is not the kind of extreme undervaluation that has supported EUR/USD at these levels in the past. This really does build the case that if there is to be a EUR/USD rally, it will have to be driven by the dollar leg. Away from the Fed easing story there is also the risk of US fiscal deterioration and de-dollarisation – perhaps both slow-burn stories.
The EUR/USD is currently consolidating around 1.1640, with a potential push towards resistance at 1.1800 if bullish momentum persists, while support sits near 1.1400.
Futures market (CoT)
As of August 2025, this remains a leading indicator for silver. The way to think of this leading indicator for silver (using the CFTC’s Commitments of Traders report) is a stretch indicator:
When net positions in the futures market of commercials and non-commercials are stretched it often indicates that the price is going to take a turn.
This is not a timing indicator; we need the silver price chart to determine the timing of a turning point.
The silver CoT report indicated a bullish sentiment for February 2025, with prices testing resistance near $32.50, but the $35 near-term target was not achieved or sustained. Silver prices have remained supported by industrial demand and geopolitical uncertainties, with potential for further gains if resistance at $32.50 is breached, though as of August 2025 it continues to cap rallies.
Ted Butler is an expert in reading the CoT report in silver.
*It is worth keeping in mind that both analysts and online forecasting sites can and do get their predictions wrong. Keep in mind that past performance and forecasts are not reliable indicators of future returns.
When considering Silver price predictions for 2025 and beyond, it’s important to keep in mind that high market volatility and the macroeconomic environment make it difficult to produce accurate long-term Silver analyses and estimates. As such, analysts and forecasters can get their Silver forecast wrong.
It is essential to do your research and always remember your decision to trade depends on your attitude to risk, your expertise in the market, the spread of your investment portfolio, and how comfortable you feel about losing money. You should never invest money that you cannot afford to lose.
Silver Price History
The silver markets have climbed from the $12 per ounce lows reached at the start of the Covid-19 pandemic, as investors have bought physical precious metals and financial instruments as safe-haven assets during ongoing economic uncertainty.
The silver price reached a $28 high in August 2020 and ended the year around the $26 mark.
The price then jumped to an eight-year high in February 2021, briefly touching the $30 per ounce psychological level, as the market attracted the attention of retail investors.
In addition to investor sentiment, the silver price trend has found support from its growing use in industrial settings, which account for roughly half the metal’s annual demand.
Physical silver demand climbed to a record high in 2021, led by an all-time high in industrial applications – silver is the best conductor of electricity, so is often used in high-end applications. That strength carried through subsequent years, with robust industrial offtake and repeated supply shortfalls underpinning the market into 2025.
The silver spot price had climbed from about $28.90 to roughly $37–$38 per ounce since the start of the year, as persistent supply deficits and strong demand from solar and electronics tightened the market. Higher interest rates tend to be bearish for precious metals, as investors opt for interest-bearing savings accounts and other assets that generate guaranteed returns, but the 2024–2025 rally unfolded despite elevated real yields as investors diversified alongside gold.
Silver traded up from around $29 per ounce in early January to an intraday high near $39.91 in late July, a peak so far this year, as the market responded to ongoing supply deficits and surging green-technology demand. But while the market held between $35 to $38 into early August, it cooled modestly as the dollar firmed, and some profit-taking emerged.
The price briefly eased toward the mid-$36s in early August but then stabilized around the $37–$38 area, closely following the trajectory of the gold price.
The metal attempted to break above the $40 mark in late July, trading above the $35 mark for several weeks, before shedding close to $2 from its value in a matter of days on the back of dollar strength and profit-taking – in the current climate, tight supply and resilient industrial demand are leading investors to favor exposure to silver even as it remains a non-interest-bearing bullion asset.
November 2022 saw the Fed make its fourth consecutive 75bps rate hike, taking its short-term borrowing rate to a target range of 3.75%-4% – then the highest level since January 2008 – as it sought to return the US economy to 2% inflation by 2025, after rates peaked in 2023, policy has shifted toward gradual easing as inflation pressures have moderated.
The precious metal saw an outstanding few weeks towards the end of 2022, with a weekly gain of about 4.7% and a monthly gain of about 14.4%. This was in part due to speculation about China loosening its zero-Covid policy at the time, even though official statements denied it; since then, the key drivers have shifted to persistent supply deficits, robust industrial demand (notably from solar and electronics), and renewed investor interest.
The continuous futures contract for silver ended 2022 at $23.97 per ounce, up 3.7%, and as of August 20, 2025, it is trading around $37–$38 per ounce. The price advanced up to $26 in the first half of 2023 amid geopolitical risks, briefly pulled back toward the $23s, then trended sharply higher through 2024–2025, breaking above $35 in June and touching intraday highs near $39.9 in July before consolidating in the high‑$30s.
Silver prices and precious metals in general were weighed in 2022–2023 by elevated real yields amid the view that interest rates would remain higher for longer given stubborn inflation. As inflation has eased and central banks, including the Fed, have shifted toward accommodation, real rates have tempered, reducing the opportunity cost of holding non‑yielding precious metals such as silver and allowing supply/demand fundamentals and industrial demand to take the lead.
History of Silver
Evidence of the first silver mines dates to the 4th millennium B.C. (around 3000–2500 B.C.) in Anatolia, a site in modern-day Turkey. Most of the silver mining in that part of the world shifted to the Laurion district of Greece by about 1000 B.C., as that civilization expanded. By the first millennium B.C., Spanish silver mines—first exploited by Phoenicians and later by Rome—fed the classical world's economy.
Silver's popularity increased in the years 1000 to 1500, thanks to improved technology, more mines, and better production techniques. After 1492, the quest for silver and other precious metals gave rise to Spanish fleets that sailed all over the world, seeking wealth and new lands to conquer. It was a vital part of the mercantile system.
Silver production in the United States surged with the Comstock Lode in Nevada, discovered in 1859, and peaked in the late 19th century; by the end of that century, humans produced more than 120 million troy ounces every year. One of the most iconic ways humans used silver was as a form of currency.
In the early 1960s, supplies of silver in the United States dwindled to all-time lows. Therefore, the U.S. government decided to stop using silver in its coins after 1964. Any American dimes, quarters, half dollars, or dollar coins with a date of 1964 or earlier contain 90% silver. If the price of silver is about $29 per ounce as of August 2025, these silver coins are worth approximately 21 times their face value in the precious metal content alone. A silver dime is worth roughly $2.10, whereas a silver dollar is worth about $22.40 at a $29-per-ounce price.
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Sources:
- https://silverinstitute.org/wp-content/uploads/2025/04/World_Silver_Survey-2025.pdf
- https://www.jpmorgan.com/insights/global-research/outlook/market-outlook
- https://investingnews.com/daily/resource-investing/precious-metals-investing/silver-investing/silver-forecast
- https://cot-reports.com
- https://www.federalreserve.gov/monetarypolicy/monetary20250730a.htm
- https://www.jmbullion.com/charts/gold-silver-ratio
- https://www.jpmorgan.com/insights/global-research/economy/fed-rate-cuts
