Silver Price Forecast 2026–2027
The forces behind silver, clearly labelled scenarios and the forecasts major institutions have published, each with its date and source.
Last updated 2026-11-07 00:22 UTC · Silver spot $52.07 per troy ounce
Spot price: gold-api.com (gold-api.com, fallback Swissquote public quotes) · exchange rates: ExchangeRate-API (daily, last update 2026-11-06 00:02 UTC). Refreshed about every 15 minutes; spot markets close at weekends, when the last traded price is shown.
Gold/silver ratio now: 78.2.
Key drivers to watch
- Gold and interest rates. Silver usually follows gold with bigger swings; UBS calls it "a higher-beta version of gold" (24 Oct 2026). Rising rates hurt both.
- Solar demand. Photovoltaics became a huge source of demand, but thrifting (using less silver per panel) has accelerated. J.P. Morgan saw potential for solar silver demand to fall by around 30% in 2026 (13 Aug 2026).
- Other industrial uses. Data centres, AI hardware, power grids and car electronics are growing users, according to UBS and the Silver Institute.
- Supply. Most silver is mined as a by-product, so supply responds slowly. The Silver Institute's World Silver Survey 2026 (April 2026) forecast a sixth consecutive market deficit, of 46.3 million ounces, with industrial fabrication down 3%.
- Investment flows. ETF holdings and futures positioning drive sharp moves; analysts in the Reuters poll pointed to a big reversal in ETF holdings in 2026.
Context: Reuters reported a record silver high of $121.60 in January 2026 (27 Oct 2026). See the live silver chart.
Scenarios: bull, base and bear
Bull scenario
Gold rallies as rate expectations turn, the dollar eases and industrial demand from grids, AI and electronics outweighs solar thrifting; continued deficits tighten the physical market and the gold/silver ratio falls.
Base scenario
Silver tracks gold within a range while industrial demand is mixed, solar weakness offset by other uses, and the market stays close to balance. The gold/silver ratio holds near recent levels.
Bear scenario
Further rate hikes and a global slowdown hit industrial demand, solar substitution accelerates and investors keep selling ETFs; silver underperforms gold and the ratio rises.
Scenarios describe conditions in words; they are not price targets. VoxTradePro does not publish its own price targets.
Published institutional forecasts
| Institution | Forecast (as published) | Published | Source |
|---|---|---|---|
| J.P. Morgan Global Research | 4Q 2026 $63/oz; 2026 average $70.6/oz; 2027 average $63.9/oz | 13 Aug 2026 | J.P. Morgan |
| UBS Chief Investment Office | $70/oz by Dec 2026, $75 by mid-2027, $80 by Sep 2027 | 24 Oct 2026 | Investing.com |
| Reuters poll | 2026 average $70.30/oz; 2027 average $66.75/oz | 27 Oct 2026 | Reuters via Investing.com |
| The Silver Institute (market balance, not a price) | 2026 deficit of 46.3 Moz, the sixth in a row; industrial fabrication -3% | Apr 2026 | World Silver Survey 2026 (PDF) |
Figures are taken from the linked publications as of the dates shown; we list the newest publication we could verify for each institution. Forecasts measure different things (a quarterly average, a year-end level or a 12-month target), so compare like with like.
Reading the numbers
Annual averages can sit well above spot when a year began with very high prices, as 2026 did, so compare forecasts for the same period. Silver's volatility means published ranges are wide. Our gold-to-silver ratio guide explains how traders use the ratio, and the silver price page shows live values by unit and currency.
Frequently asked questions
What is the silver price forecast for 2027?
As of the dates in the table: J.P. Morgan forecast a 2027 average of $63.9/oz (13 Aug 2026), the Reuters poll a 2027 average of $66.75/oz (27 Oct 2026), and UBS targets of $75 by mid-2027 and $80 by September 2027 (24 Oct 2026).
Why is silver more volatile than gold?
Its market is smaller and less liquid, about half of demand is industrial and supply is a by-product of other mining, so shocks in either direction move the price more.
Does VoxTradePro predict prices?
No. We explain what drives each market, describe clearly labelled scenarios and summarise forecasts that banks, agencies and analyst polls have published, with dates and links. We do not publish our own price targets.
How often is this page updated?
We review the forecasts table about once a month and whenever a major institution publishes a significant revision. The 'last reviewed' date at the top shows when it was last checked.
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Not financial advice. No price targets from us. This page summarises drivers and forecasts published by third parties, with dates and links. Forecasts are often wrong and are revised frequently; they are not a reliable guide to future prices. See our disclaimer.
Page updated 2026-11-07 · Site built 2026-11-08 02:07 UTC