Silver prices soared to a historic high of over $95 per ounce today, continuing a rally that has lifted the precious metal 31% year-to-date. The rally has gained strength, with silver closing in on the $100 mark. Some analysts are projecting far higher targets, forecasting the metal could climb to $300 in 2026.
Precious metals attracted renewed demand after President Donald Trump’s tariff actions against the European Union heightened geopolitical tensions. Gold and silver reached record highs yesterday, and the rally continued today, with both metals setting fresh all-time highs.
According to Companies Market Cap data, silver now ranks as the second-largest asset by market capitalization, trailing only gold.
"Silver just surged to $95 an ounce, breaking all previous records and stunning global markets. Gold may get the headlines, but silver’s run is turning heads fast," Mario Nawfal wrote.
The latest tariff tensions are not the only factors fueling silver’s surge, which has even seen it outperform gold. The rally reflects a combination of several factors.
These include sustained safe-haven buying, expectations of Federal Reserve rate cuts supporting non-yielding assets, tightening conditions in physical markets, and accelerating industrial demand from sectors such as solar energy, electric vehicles, electronics, and high-tech infrastructure.
Analysts now see $100 per ounce as an attainable near-term goal. Economist Peter Schiff suggested the milestone could be reached as early as tomorrow.
"Despite record highs in gold and silver today, Canadian gold miners are barely up, as investors are too afraid of a big sell-off on Tuesday. That likely means tomorrow’s metals rally could be even bigger than today’s, with silver hitting $100 per ounce. Let’s see what happens," Schiff wrote.
While near-term targets cluster around $100, some analysts believe the longer-term setup is far more explosive. In a detailed post, an analyst predicted that silver will reach $300, arguing that the market faces a structural imbalance between paper trading and physical supply.
According to the analyst, banks are holding roughly $4.4 billion in short positions. Meanwhile, industrial demand already consumes about 60% of annual global silver output.
The post added that covering those shorts would require years of mined supply, much of which is already absorbed by manufacturers.
"This is why silver only goes up from here... Because the short position is mathematically impossible to close, and real supply is genuinely limited... You can manipulate paper prices temporarily. You can't manipulate a physical supply that doesn't exist. There's no scenario where they cover these positions at current prices. Price has to rise until either new supply appears or shorts capitulate," the post read.
Michael Widmer, Head of Metals Research at Bank of America, has also stated that silver could rise to between $135 and $309 per ounce in 2026.