Silver Eyes $35 Average by 2026, Analysts Say Now!

Silver has drawn renewed attention after recent analyst commentary and coverage on Yahoo Finance. Bank of America reaffirmed a bullish call, penciling in roughly a $35/oz average for 2026, while separate analysis laying out next-bull-run scenarios suggests upside that could exceed the usual $29–$34 ranges if certain catalysts align. Below is a concise breakdown of the drivers, scenarios, and risks shaping those projections.

Why Bank of America Sees $35 as a 2026 Average

Bank of America’s forecast hinges largely on two linked forces: an extended period of gold strength and sustained investor demand for precious-metals exposure. Their team reasons that if gold maintains momentum, silver typically participates disproportionately because it remains cheaper on a relative basis. That catch-up mechanics drives their ~ $35 average assumption rather than a short, sharp spike.

Gold strength and the gold/silver ratio

Analysts point to the gold/silver ratio as a key translation mechanism: when gold rises, a falling ratio often accelerates silver’s advance. In plain terms, investors rotate some of their gold allocations into silver when they expect stronger moves in the metals complex, compressing the ratio and boosting silver prices.

ETF flows, industrial demand, and investor psychology

Beyond macro-driven precious-metals buying, exchange-traded fund inflows and real-world industrial demand (electronics, solar, and manufacturing) can add a structural bid. Sentiment also amplifies moves: once momentum builds, momentum-driven buying can push silver past near-term target ranges.

How High Could Silver Go During the Next Bull Run?

Separate analysis highlighted on Yahoo Finance frames multiple scenarios. Conservative scenarios see silver revisiting the mid-$20s to low-$30s; more aggressive bull-run scenarios place silver above $34 and potentially significantly higher if gold leads and the ratio normalizes more quickly.

Scenarios and plausible targets

• Base scenario: Silver tracks gold modestly, reaching the low-to-mid $30s as industrial demand recovers and ETF inflows remain steady.
• Bull scenario: Strong gold surge plus rapid ratio compression pushes silver above $35, with momentum and tight physical supplies producing further upside.
• Stretch scenario: Rapid investor rotation and supply constraints combined with a prolonged gold rally could propel silver meaningfully higher — potentially into the $40s in extreme episodes.

Key risks that could derail the rally

Monetary policy surprises (stronger-than-expected rate hikes), a sharp drop in investor appetite for commodities, or a meaningful slowdown in industrial demand would undermine bullish forecasts. Supply-side improvements or large-scale hedging by producers could also blunt price gains.

Price Snapshot and What to Watch

As of the recent snapshot published alongside the Yahoo Finance coverage, COMEX silver futures traded near $31.49/oz. Traders and investors should monitor three practical indicators:

• Gold price moves and the gold/silver ratio — a falling ratio often signals silver catching up.
• ETF flows and holdings in major silver products (SLV and similar trusts) for signs of investor demand shifts.
• Industrial demand indicators and manufacturing data that affect real-world consumption.

Bottom line: Bank of America’s $35 average is a measured, analyst-driven projection tied to a scenario of steady gold strength and ongoing investor demand. Independent coverage on next-bull-run targets warns that silver’s upside could exceed that figure if gold leads and ratio compression accelerates — but risks remain, and outcomes will hinge on macro policy, sentiment, and physical demand.

Sources: Yahoo Finance summaries of Bank of America analysis and articles projecting silver targets for the next bull cycle.