Silver's outlook splits by time horizon, and the published research is telling a "worse before better" story.
One camp of recent research sees the 2026 average price declining, with a revised forecast down to roughly $72/oz, before recovering into 2027 (where the average estimate has been nudged up to about $68/oz on a return to bullish fundamentals). A separate research thread argues for a partial rebound already by the end of next year.
The bearish near-term case, as researchers frame it, rests on familiar headwinds: a strong dollar, higher-for-longer rates, and cooling industrial demand as solar growth decelerates and policy support softens in both the US and China. The roughly 30% sell-off since the onset of the Iran war has already done real damage.
The more constructive thread points to broader commodities dynamics and residual industrial demand, with the gold/silver ratio expected to drift back toward 70 from January's level near 50.
Bottom line from the published views: a 2026 trough, then recovery.