Our view: silver could rise over the next few years, but the next several months are highly uncertain. If I had to choose a near-term direction, I’d lean sideways to down while higher interest rates weigh on precious metals. That’s a judgment, not a reliable price prediction. Silver was around $64 per troy ounce on September 25.

The case for a later rise is that the Silver Institute forecasts a 46.3 million ounce supply deficit in 2026. The case for caution is that it also expects industrial silver use to fall as solar manufacturers use less silver or substitute other materials. Higher interest rates add pressure because silver pays no interest.