Silver Price Outlook — What Experts Are Saying
1. HSBC’s Updated Forecasts
- 2025: $35.14/oz average
- 2026: $33.96/oz
- 2027: $31.79/oz
These upward revisions reflect strong gold fundamentals, heightened safe-haven demand, ongoing supply deficits, and expectations of continued central bank support.Reuters
2. Client Associates’ Projection
- Silver prices may rise 15–20% over the next 12–24 months, driven by persistent supply-demand imbalances and growing industrial demand.The Economic Times
3. Market Momentum Updates
- Prices are at multi-year highs (surging over 33%) due to booming industrial demand (renewable energy, AI electronics), shrinking supply, and structural deficits.MoneyWeek
- Analysts highlight silver remains undervalued relative to gold, with potential for reversion of the gold‑silver ratio from ~100:1 toward historical averages (~68:1), which could support further upside in silver.MarketWatch
Analyst Forecast Summary Table
| InvestingHaven (bullish model) | Up to $49/oz, possibly $77 by 2027InvestingHavenInvesting Haven |
| Major Banks & Institutions | $28 – $50 range: JP Morgan ~$36, ING ~$29.5, Saxo ~$40, etc.InvestingHavenAxiScottsdale Bullion & CoinNAGAAccio |
| Technical & Industrial Driven | Many estimate $35–$40/oz by year-end, barring volatilityNAGAAccioScottsdale Bullion & CoinThe Economic TimesReutersMoneyWeek |
| NAGA/Citigroup/etc. | Forecasts up to $35–40/oz, some algorithmic forecasts as high as $40 by December and up to $58 in 2026NAGAScottsdale Bullion & Coin |
| InvestingHaven technical model | A rising channel suggests breakout above ~$34.70 could propel further gainsNAGA |
What’s Driving These Forecasts?
- Strong Industrial Demand: Rapid growth in solar (PV cells), EVs, electronics, AI devices, and even medical/antimicrobial applications.EBC Financial GroupLinkedInAccioDiscovery AlertMoneyWeek
- Supply Deficits: Analysts expect a fifth consecutive annual global structural deficit in 2025, with shortages ranging from ~126 to ~206 million ounces.ReutersAccio+1
- Macroeconomic & Investment Trends:
- Silver remains attractively priced relative to gold (high gold-to-silver ratio).MarketWatchAccioMoneyWeek
- Safe-haven and inflation hedge appeal amid geopolitical tensions and economic uncertainty.The Economic TimesThe Times of IndiaAccioAxi
- Potential Fed easing and a weaker USD could further support silver.ReutersAccioNAGA
Bottom Line: What to Expect
- Base Case (Mainstream analysts): Silver appears likely to end 2025 between $35 and $40/oz, supported by strong demand and tight supply.
- Bullish Scenario (InvestingHaven & similar): If momentum continues and technical breakout occurs, silver could reach $45–50/oz, with some models stretching toward $77 by 2027.InvestingHavenInvesting HavenReddit
- Cautious Scenario: If macroeconomic or industrial demand cools, or interest rates remain high, prices could dip in the $30–$35 range.NAGADukascopy
Final Thoughts
Silver’s dual role—as an industrial metal and a financial asset—means its trajectory hinges on some key interplaying factors:
- Green-tech growth, particularly solar and AI-related electronics.
- Supply constraints which are likely to keep upward price pressure intact.
- Broader economic policy, including the potential rotation to safe-haven assets and monetary easing.
If you’d like, I can also explore short-term trading levels, e.g. key technical support/resistance zones like $30–$35 vs. potential breakout areas around $34–$35.
Why Silver Is Increasing in Euro Terms
1. Global Silver Price Trends (Dollar-Based)
Silver is globally traded in US dollars. It’s been rallying due to:
- Industrial Boom: Demand is soaring across renewables (especially photovoltaic solar panels), electronics, AI, electric vehicles, healthcare, and more MoneyWeekMarketWatch.
- Supply Shortages: Ongoing deficits—hundreds of millions of ounces annually—are tightening the market MarketWatchmint.
- Safe-Haven Demand: Investors are flocking to silver amid inflation concerns, geopolitical uncertainty, and weakening dollars ReutersmintDiscovery Alert.
- Gold-Silver Ratio Dynamics: The ratio remains historically high, making silver appear undervalued relative to gold and attracting speculative flows The Economic TimesMarketWatchBusiness StandardDiscovery Alert.
All of these factors drive global silver prices higher in US dollars—so that sets the stage.
2. Currency Exchange: Dollar to Euro
Since silver is priced in USD, movements in the USD/EUR exchange rate affect euro-denominated prices:
- Weaker USD / Stronger EUR: If the euro strengthens, one dollar converts to fewer euros—but silver’s USD price may rise less than proportionally, so the euro price can still rise.
- Stronger USD / Weaker EUR: If the euro weakens, each dollar buys more euros, pushing up the euro price for the same silver-dollar price.
In simple terms, even if silver’s USD value remains steady, currency shifts alone can drive its euro price upward. When both silver and the dollar–euro exchange rate move upward in tandem, the effect compounds—making silver still more expensive in euros.
Putting It All Together
Silver is rising due to strong global dollar-based fundamentals—industrial demand, supply deficits, investment demand, and favorable macroeconomic conditions.
On top of that, currency dynamics can amplify the effect. A weaker euro or stronger dollar means you need more euros to buy the same amount of silver—even beyond the rise in USD terms.
