Silver price target $135/oz in 2026 as solar demand drives market

Analysts at Bank of America project the price of silver to reach $135 per ounce by 2026, citing a persistent structural supply deficit of about 46.3 million ounces identified by the Silver Institute. J.P. Morgan forecasts a lower $81, while the consensus for 2030 lies between $100 and $150 per ounce.

The solar industry is the largest industrial consumer of silver, expected to use roughly 151 million ounces in 2026, reinforcing the metal’s shift from a traditional safe‑haven asset to a key input for renewable‑energy technologies, electric‑vehicle batteries, and AI‑related semiconductor production. Despite the strong demand, the market remains in deficit, with most silver generated as a by‑product of lead, zinc, copper and gold mining.

On 21 July 2026 the spot price rose to about $59 per ounce, a near‑5 % jump on the day, after earlier corrections that left the price roughly 52 % below its early‑year high of $121.78. The price movements reflect broader macro factors, including geopolitical tension in the Middle East and a strengthening U.S. dollar.