While gold (XAUUSD) has captured headlines this year, silver (XAGUSD) has actually managed to outperform gold in 2025 with a 71% return. On Monday, silver futures surged past the high of $48.70 set in 1980, driven by higher demand for its technological uses and its status as a safe-haven asset.
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In addition, demand for silver has increased amid speculation of tariffs. “People are just trying to front-run a potential disruption,” said Sprott Asset Management senior portfolio manager Shree Kargutkar. “The tariffs have essentially made it so that every warehouse now has to have its own inventory, and that in turn leads to a little bit of hoarding.”
Bank of America Sees Silver at $65 in 2026
On Monday, Bank of America raised its 2026 silver price target to $65, implying upside of about 30% from current levels. However, the firm expects silver to face pressure in the near term amid higher lease rates in the London markets caused by a significant shipment of the metal to New York earlier this year in an attempt to front-run potential tariffs.
“There is scope for recent dislocations to slowly start to normalise, which could then also increase volatility and put pressure on silver quotations near-term,” said BofA.
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