Analysts See Silver Rising 15–20% as Deficits Persist

Silver’s rally — up 35% in the past 12 months — is being fueled by a mix of industrial demand and safe-haven investment. Uses in photovoltaics, EVs, and electronics have driven consumption to 1.16 billion ounces in 2024, while annual mine supply remains near 1.02 billion ounces, causing structural deficits for five straight years. Since about 70–80% of silver is a byproduct of other mining, production is relatively inelastic. While inflation has cooled slightly, expected U.S. interest rate cuts and a weaker dollar could further boost silver prices. Analyst forecasts vary widely—from $28 to $50 over the next year — but many expect gains of 15–20% in the next two years. Longer-term, some see prices topping $80 by 2030.