The price of silver rose sharply at the beginning of 2026 to a historic high, continuing the rally of the previous year. After closing 2025 at around USD 71–72 per ounce, the price rose by over 25% in the first two weeks of 2026 alone. It is currently trading between USD 110 and over USD 120 (Figure 1). Analysts (including Citi) believe that a further increase is entirely possible. More conservative estimates, such as those from Commerzbank and HSBC, predict an annual average of around USD 68, which is still a historically high level.
