Surge in silver prices will go into reverse next year

While some analysts have pinned the record-breaking silver rally on structural forces, we think the scale and speed of price increases suggest that market exuberance spilling over from the gold rally may be a bigger driver of prices. Given that we expect the tailwinds supporting silver prices, as well as other precious metals, to fade over the course of next year, we are forecasting a sharp fall in silver prices by end-2026.