The silver in the stock market 2025: analysis of a record year and prospects for 2026

A Transformative Year for Silver Prices

Silver experienced extraordinary performance during 2025, establishing itself as one of the most prominent assets in financial markets. The precious metal broke the psychological barrier of $60 per ounce on December 9, reaching historic highs of $66.8 per ounce in subsequent days. This movement not only represents a record in terms of value but also reflects profound changes in global demand and risk perception among institutional and individual investors.

Since the beginning of the year, silver accumulated gains that doubled historical averages, surpassing gold by more than 60% and outpacing the performance of numerous stock indices. This rise was supported by the recovery in industrial demand, expectations of a more flexible monetary environment, and a structural deficit in the global supply of the metal.

Institutional Projections: An Optimistic Medium-Term Outlook

Major financial institutions maintain positive outlooks for silver in 2026, though with nuances in their estimates:

HSBC adjusted its forecasts upward, anticipating that average prices in 2026 will be significantly higher than in previous cycles, supported by demand for safe-haven assets and a favorable correlation with other precious metals.

UBS projects that during 2026, silver could maintain materially higher levels, driven by increasing industrial demand, inflows into (ETF) investment funds, and restricted supply conditions in global markets.

Scotiabank maintains more conservative but constructive estimates, predicting sustained industrial recovery with continuous flows into instruments related to the silver metal.

Citi Research suggests elevated targets for the price, based on the balance between technical support, physical demand, and international inventory dynamics.

Technical Analysis and Short-Term Dynamics

From a technical perspective, silver shows an upward structure in medium-term timeframes after reaching historic highs above $60. However, the proximity of critical psychological levels and the strong accumulation of gains suggest that the market could oscillate between consolidation phases and attempts to break higher, rather than exhibit continuous explosive movements.

The approach of the holiday season typically results in lower trading volumes, which usually generates technical oscillations within defined ranges rather than broad directional moves. This pattern is relevant for traders or investors in silver through the stock exchange, as it requires greater caution in order execution and risk management.

Fundamentals Supporting the Metal

The fundamental case for silver remains solid. Expectations of lower interest rates reduce the opportunity cost of holding precious metals. Industrial demand, especially in solar energy, electronics, and energy transition technologies, continues to be robust. Additionally, global macroeconomic uncertainty continues to favor silver as a hedging instrument.

The fact that the metal doubled its value in 2025 reinforces the existence of sustained structural interest, both from professional investors and participants seeking exposure through exchange-traded products. This dynamic suggests that the underlying fundamentals transcend mere cyclical fluctuations, pointing to longer-lasting shifts in global capital allocation toward defensive assets and increasing industrial demand.