Silver setting regular record highs in December; what about 2026?
December Comex silver futures on Friday set yet another all-time record high of $67.38 and is set to end 2025 by more than doubling its closing price in at the end of December of last year, whis was $29.29. While the silver market in 2026 is forecast to remain strong, driven by soaring industrial demand and tightening supplies, it’s doubtful the new year will see the 130% price gain for silver that was seen in 2025.
Still, more than a few metals analysts predicting silver prices could reach or exceed $75.00.to $100.00 an ounce in the new year. Specifically silver demand should remain strong due to renewable energy growth, growing numbers of electric vehicles and the need for much more AI centers.
Outlook 2026
On the supply side, mining disruptions and low existing silver stocks are creating significant deficits, pushing prices up. Potential U.S. interest rate cuts and a weaker U.S. dollar are expected to continue to drive speculator demand to silver—not to mention any geopolitical flareups that would drive keener safe-haven demand for silver.
Technically, silver remains overall bullish on the longer-term and shorter-term charts. However, silver is in a very mature bull market run and its very likely the market will at least need to pause in the coming months. Raw commodities, including metals, are highly cyclical and go through well-defined periods of boom and bust. There’s no doubt silver is in a boom cycle at present. That means a bust cycle is next. The only uncertainty of that is the timing of the beginning of the bust. Looking at the magnitude of the silver boom, as seen by the monthly continuatin chart for nearby silver futures, it apperas the magnitude of the bust will also be large.
My bias: Silver prices will bust around mid-2026, or a bit sooner. But after the bust, whenever it comes, will come another boom. That’s the continually proven nature of raw commodity markets.
