Silver Prices Forecast to Reach $72 per Troy Ounce by End of 2026

Silver prices have been recovering after reaching record highs of $121 per troy ounce in January and suffering a steep correction. According to Rick Kanda, Managing Director at The Gold Bullion Company, this rise was driven by severe supply shortages, surging industrial demand, and geopolitical uncertainty.

Despite a turbulent period for silver prices from February onwards, August saw a renewed hope for the future of silver with the price breaking past the $64 area in the short term. Kanda believes that if the price continues to trade above $60, it's likely we could reach the forecast of $72 per troy ounce by the end of 2026.

Silver prices are heavily influenced by economic factors such as the performance of the US dollar and shifts in Federal Reserve rate expectations. As industry demand grows, the price of silver increases due to production shortages caused by consumption frequently outpacing production.