Consolidation instead of chasing records? Commerzbank’s silver forecast for 2026

• Silver 2025 with unprecedented rally, best performance since 1979
• Commerzbank sees consolidation at a high level in 2026
• Between Interest rate cut and political uncertainty: development of silver in 2026 uncertain

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“The winners of the year on the raw materials markets are undoubtedly the precious metals, with silver in particular standing out recently,” wrote raw materials experts at Commerzbank after the gray precious metal had meanwhile reached another all-time high in mid-December 2025. The price of silver continued to soar afterwards: most recently, an ounce cost 76.92 US dollars (as of January 8, 2026).

Supply and Demand: What sent the price of silver higher in 2025

With an increase of more than 100 percent in 2025, silver had its best annual performance since 1979, according to the Economic Times. And this development is no coincidence: in mid-December, Commerzbank referred to a worsening situation on the “already undersupplied silver market” – resulting from increasing investment demand from silver ETFs.

The price increase in 2025 also seems to be fundamentally supported because the gray precious metal remains a decisive factor in the industry. Data from LSEG, cited by the Economic Times, shows that industrial demand has already risen to over 689 million ounces in 2024.

The driver is the massive expansion of solar energy: The International Energy Agency (IEA) expects that 4,000 gigawatts of new solar capacity will be installed worldwide between 2024 and 2030. This sector alone could drive silver demand by 150 million ounces annually by 2030.

What Commerzbank expects for 2026

Given the phenomenal price development in 2025, market participants are asking themselves how much room for improvement there is in 2026. The raw materials experts at Commerzbank urge realism in view of the heights that have already been reached.

According to a note cited by the Economic Times, Commerzbank expects silver prices to be $59 an ounce in 2026 – below current levels. The bank bases this expectation of consolidation on the speed of the recent rally: Although the price increase is fundamentally underpinned, “the extent undoubtedly calls for caution.” The experts therefore see a calming down at a high level rather than an unbridled continuation of the vertical price curve.

Other institutions are hardly more optimistic, including the major Swiss bank UBS. According to a report from Investing.com, the bank continues to favor long positions in silver, but only sees a price target of $60 for 2026.

What could affect the price of silver in 2026

In addition to supply and demand, the macroeconomic environment also plays a key role in price developments in 2026. For example, interest rate cuts support traditionally interest-free assets such as gold and silver.

However, the political situation remains a factor of uncertainty. Recently there has been speculation about the US government introducing possible tariffs on silver. Nevertheless, silver is likely to remain in the focus of investors in 2026 – but how the price of the gray precious metal develops remains to be seen.

Editorial team finanzen.net

This text is for informational purposes only and does not constitute an investment recommendation. finanzen.net GmbH excludes any claims for recourse.

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