• Silver hit a record $74.8 an ounce in late December 2025
• Analysts see prices ranging from $45 to $90 an ounce in 2026
• Market signals diverge amid speculation, rates outlook, and inventories

On December 26, the price of silver reached $74.8 an ounce, setting a new all-time high. The metal has now posted an annual gain of 155%, well above gold’s 72% increase. The surge is shaping expectations for early 2026, although several analysts are calling for a more nuanced reading of the outlook.

According to Trading Economics, silver prices rose 40% over one month in December, driven by rising geopolitical tensions, expectations of US interest rate cuts, and a structural deficit in the market. This upward momentum could continue, according to Kelvin Wong, senior market analyst at trading firm OANDA. Speaking to Reuters, Wong said silver could trade as high as $90 an ounce in the first half of 2026.

He said that since early December, gains in gold and silver have been fueled by market momentum and speculative activity. He pointed to low year-end liquidity, expectations of prolonged US rate cuts, a weaker dollar, and heightened geopolitical risks pushing precious metals to new record highs. Wong added that in the first half of 2026, gold could approach $5,000 an ounce, while silver could reach $90.

Other analysts take a more cautious view. Rhona O’Connell, also quoted by Reuters, said silver has already entered overbought territory, a situation in which prices rise sharply enough to increase the risk of a correction. The StoneX analyst expects silver to underperform gold under these conditions.

Analysts at Canadian investment bank TD Securities also expect a weaker start to 2026 for silver prices. They cite a historic rebuilding of inventories in London, which could limit upside potential despite ongoing supply constraints. In this scenario, they forecast prices around $45 an ounce.

These diverging outlooks are likely to be closely watched by market participants, including silver producers operating in Africa. Canada’s Aya Gold and Silver, for example, expects output at its Zgounder mine in Morocco to rise to 6 million ounces of silver in 2026.

Aurel Sèdjro Houenou