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In early December, silver was headed toward $60 per ounce, and I told my team it would hit $80 in 2026. At that point, silver was up from $30 per ounce earlier in the year, and many wondered whether it was near a top. At the time, my $80 prediction was considered bold. 

Just mid last week, silver was around $110 per ounce. It retraced a bit going into the past weekend, primarily on the announcement of President Trump’s nominee to replace Federal Reserve chairman Jay Powell. Goldbugs will see the more as a “buy the dips” opportunity” since the fundamentals didn’t change overnight. 

How high could silver go, or even will it reach a peak soon?

There are some strong fundamental reasons for silver to continue to increase in value. Let’s take a look at them:

• We are entering a sixth consecutive year of a production shortfall in relation to demand. I have read that the shortfall could be as much as 100 million ounces per year. The annual shortages have persisted for the last five years.
• Silver production is mostly a byproduct of mining other metals, such as zinc and nickel. Mining companies cannot rapidly, if at all, increase the rate of silver production.
• The debasement/decline in the value of the U.S. dollar pushes investors into precious metals, including silver.
• Silver is also an industrial commodity, with growing demand from the massive data center buildout.
• Finally, almost all silver ore processing occurs in China. The regime there has begun using its strength in commodity processing as a political cudgel.

Silver gained almost 200% in 2025. I think it can double to $200 per ounce in 2026.

My investment strategies always include an income component. For silver, the subscribers of my Dividend Hunter newsletter have profited and earned great dividends from the ETRACS Silver Shares Covered Call ETNs (SLVO). 

Over the last 12 months, SLVO returned 74%, of which 40% was dividend payments.

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