The silver price has climbed more than 100% year-to-date, breaking through the $50 silver price level for the first time in history and reaching highs of $53 to $54 per ounce in October. This dramatic rise has reshaped global commodities markets, closely mirroring the forecast made by Solomon Global Managing Director Paul Williams. He told CNBC in October that the silver price could reach $100 by the end of 2026. As silver hovers at this historical peak, investors face a pivotal decision: Is now the time to reassess and optimise their portfolio exposure to precious metals?
CNBC’s latest reporting now confirms what Paul said months earlier: the silver price rally is being driven by powerful structural forces, not speculation.
Read CNBC’s original feature here:
$100 silver? Analysts say the metal could double from record highs
The Silver Price Has Only Broken Out Three Times in 50 Years
- 1980 – The Hunt brothers’ attempted market corner
- 2011 – The US debt-ceiling crisis
- 2025 – A structural supply crisis, record industrial demand, and global geopolitical pressure
Unlike previous spikes, the 2025 silver price surge is grounded in real-world fundamentals: industrial usage, mining deficits, and tightening global supply. Historically, these triggers have set the stage for sustainable price increases, indicating a shift from speculative peaks to enduring value growth. This pattern of tangible structural influences invites investors to reconsider their approach, aligning more closely with long-term market realities rather than short-term speculation.
Why the Silver Price Exploded in 2025
1. A Historic Gold–Silver Ratio Repriced the Silver Market
After US tariff announcements in April, the gold–silver ratio surged above 100, signalling that the silver price was deeply undervalued. Historically, such extremes precede a strong outperformance in silver — a pattern that unfolded perfectly throughout 2025.
2. India Triggered a Global Run on Physical Silver
India, the world’s largest consumer, saw silver prices hit domestic all-time highs as Diwali demand, substantial harvest income, and high gold prices drove consumers to buy silver in record quantities. However, could this Diwali-driven spike merely be seasonal noise or is it indicative of a lasting trend? While Diwali certainly amplifies consumption temporarily, historical data suggests that the increasing purchasing power and cultural affinity for silver in India have continually strengthened demand. It’s essential to recognise that even beyond the festive season, economic conditions and consumer preferences are likely to sustain this trend in the years ahead.
As the silver price rose:
- Refineries reported shortages.
- UK and UAE exports surged.
- Indian buying intensified the global squeeze.
3. London Vaults Reached Critically Low Levels
The physical silver price is directly affected by available supply. Between 2022 and March 2025, London vault holdings collapsed from 31,000 tonnes to just 22,000 tonnes.
By October:
- Traders were flying silver by air.
- Overnight lending costs hit 200% annualised.
- The global free-float of silver reached crisis levels.
This tightening of supply has put upward pressure on the silver price, unlike anything seen since 1980.
Industrial Demand Is Now the #1 Driver of the Silver Price
More than 50–60% of all silver demand now comes from industry, the true engine behind the 2025 silver price rally. Contributing Analyst for Solomon Global, Nick Cawley, also commented on the “raft of powerful forces” converging to lift the silver price in MarketWatch, citing industry demand as a predominate factor here.
Solar Panels (PV)
Solar dominates global industrial silver use. As renewable energy investment accelerates, silver demand has surged, directly lifting the silver price.
Electric Vehicles
Standard EVs use 25–50 grams of silver. Next-generation solid-state batteries may require up to 1kg. This alone could redefine global silver price predictions.
AI, Semiconductors and High-Tech Growth
The AI boom relies heavily on silver’s conductivity. As semiconductor spending grows, so does silver consumption, again pushing the silver price higher.
Industrial demand now exceeds mine supply. This is the core reason why the silver price forecast remains so bullish.
A Smaller Market With Bigger Silver Price Upside
Because the silver market is only one-tenth the size of gold, the silver price:
- Moves faster
- Reacts harder to shortages
- Amplifies investment flows
This is why analysts, including BNP Paribas, now agree that the silver price could reach $100. And why Paul Williams’ October call looks increasingly accurate.
Silver Price Forecast: Could Silver Truly Hit $100?
In CNBC’s article, analysts from multiple institutions align with Paul Williams:
“Given the current climate, a $100 silver price is certainly possible by the end of 2026.”
– Paul Williams, Solomon Global
Today, with the silver price more than doubling YTD, that prediction is no longer bold — it is entirely plausible.
BNP Paribas strategist Philippe Gijsels went even further:
“We are still closer to the beginning than the end of what could become one of the largest precious metals bull markets in history.”
The structural drivers behind the 2025 silver price rally remain firmly in place.
The CNBC Takeaway: Silver Price Strength Is Structural, Not Speculative
The CNBC feature, including analysis from Solomon Global, made one message clear:
This silver price surge is built on real-world fundamentals — not hype, not speculation, and not a repeat of 1980.
With supply falling, industrial demand rising, investors turning toward tangible assets, and global uncertainty intensifying, the silver price outlook remains exceptionally strong.
Paul Williams recognised these forces early, and the global market is now catching up.
Thinking of Adding Silver or Gold to Your Portfolio?
Solomon Global specialises in:
- Physical silver
- Physical gold
- Secure, insured delivery
- Transparent, competitive pricing
- Data-driven market insights
If the silver price outlook has caught your attention and you’re considering silver or gold as part of a long-term strategy, our specialists can help you navigate the market with confidence.
This blog is for informational purposes only and does not constitute financial advice. Buying physical gold or silver as an investment involves risk, as the value of precious metal prices can be volatile. Historical financial performance does not necessarily give a guide to future financial performance. We recommend that you conduct your own independent research and seek professional tax, legal and financial advice before making any investment decisions.
