What's in store for the silver market in 2026?

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Feb 10, 2026

Greg Shearer, Head of Base and Precious Metals Strategy, offers market analysis on silver and other metals. He discusses why silver is more volatile than gold. He covers policy risks like tariffs and the Section 232 probe. He examines silver’s growing industrial role, especially in solar, EVs and electronics, plus supply limits from byproduct mining and recycling pressures.

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INSIGHT

Silver Is Smaller And More Industrial

Silver's market is much smaller and therefore far more volatile than gold on both physical and financial measures.
Industrial demand makes up around 60% of silver's annual demand, unlike gold where industry is ~5%.

INSIGHT

Deficits Plus Tariff Fears Sparked The Rally

Multi-year physical deficits and flows of metal to New York amid tariff fears created severe illiquidity in London and sparked silver's rally in 2025.
That illiquidity plus investor momentum produced outsized upside volatility versus gold.

ADVICE

Don't Chase Silver At The Top

Avoid chasing silver at extremes since it can amplify gold moves and suffer large percentage drops on gold weakness.
Re-engage when silver feels more fairly valued and speculative froth has been removed.

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Silver has been on a volatile ride since the start of last year. In this episode, host Sam Azzarello, head of content strategy for Global Research, is joined by Greg Shearer, head of Base and Precious Metals Strategy, to break down the dramatic changes in silver prices and what could be next for the market. They cover why silver’s price is so volatile compared with gold, policy uncertainty including tariffs, and the evolving role of silver in industrial uses and how that influences demand. What are the key risks and opportunities for the silver market?

This episode was recorded on February 6, 2026.

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