The price of Silver is back above $60, but bank forecasts spanning $67 to $110 show just how fiercely divided analysts remain over whether the rebound marks the start of another historic rally or one final burst of volatility.
The Silver to US Dollar price (XAG/USD) was trading around $61.94 at the time of writing, having recovered sharply from July’s low near $54.78.
Silver gained 4.63% on Wednesday alone and has risen almost 8% since the beginning of August.
Even so, it remains around 13% below its opening level for 2026 and almost 49% beneath January’s brief spike above $121.
The latest bank forecasts remain broadly above current prices, although there is a growing divide between analysts expecting another major rally and those warning that high prices are already damaging industrial consumption.
| Bank | 2026 Silver Forecast | 2027 Silver Forecast |
|---|---|---|
| J.P. Morgan | $81 average | Not specified |
| ING | $75 average; $74 Q4 | $79 average |
| HSBC | $75 average | $68 average |
| Bank of America | Potential move above $100 in Q4 | Around $75 by Q2 |
| Citigroup | Approximately $110 in H2 | Not specified |
| Commerzbank | $67 year-end | $80 year-end |
Silver Forecasts Remain Bullish, but Banks Question Whether $100 Can Last
J.P. Morgan maintains one of the stronger full-year projections, forecasting that silver will average $81 an ounce during 2026.
The bank said prices could be more than double their 2025 average, although the outcome “depends on many factors, including global demand.”
Its analysts also warned that rising costs could eventually erode industrial consumption and produce greater volatility.
ING has recently lowered its near-term projections following the correction across precious metals.
The bank now expects silver to average $68 in the third quarter and $74 in the fourth quarter of 2026.
Despite the downgrade, ING said: “We continue to expect silver to modestly outperform gold, supported by ongoing market deficits and broader electrification trends.”
Its longer-term forecast table points to a $75 average for 2026 and $79 during 2027.
HSBC forecasts an average price of $75 in 2026 before a retreat to $68 in 2027.
The bank expects the physical deficit to narrow as elevated prices encourage additional supply and discourage jewellery, investment and industrial consumption.
Bank of America presents a more volatile scenario.
Its analysts believe a renewed gold rally could lift silver above $100 during the fourth quarter, but expect prices to return towards $75 by the second quarter of 2027.
“While a rally in gold could once again boost silver above $100/oz in the coming months, we do not see silver outpacing on a sustained basis due to easing fundamental demand,” BofA analysts said.
The bank believes silver-intensive manufacturers, particularly solar-panel producers, are increasingly reducing the amount of metal used in each product.
It warned that the 2026 supply deficit could shrink by as much as 90%.
Citigroup remains at the bullish end of the spectrum, with a second-half 2026 target close to $110.
Commerzbank is more cautious following its latest downgrade, reportedly targeting $67 at the end of 2026 and $80 at the end of 2027.
Silver Price Prediction: Can XAG/USD Return to $75?
The immediate technical picture has improved following the rebound above $60.
Silver has also moved back above its declining 20-day moving average, although the longer-term trend remains fragile following the falls from January’s extreme highs.
A sustained break above the July high around $63.30 would strengthen the recovery and expose the $68–$75 region highlighted by ING and HSBC.
In our view, the $75 area is a realistic central scenario for late 2026.
It is supported by persistent physical-market tightness, electrification demand and the possibility of lower US interest rates.
However, forecasts above $100 require a much more aggressive combination of falling yields, renewed investment inflows, stronger gold prices and limited industrial demand destruction.
Bank of America’s warning is important: silver can surge above $100 without being able to remain there.
For 2027, the available forecasts cluster broadly between $68 and $80.
This suggests banks expect silver to retain much of its recent revaluation, but not necessarily repeat the speculative highs recorded at the beginning of 2026.