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title: "Silver’s 2026 Market Forecast: What Happens After This Record Run?"
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# Silver’s 2026 Market Forecast: What Happens After This Record Run?

Sean Brazney and Jeffrey Christian · December 15, 2025

[Watch Video](https://player.vimeo.com/video/1146777710)

## Video Transcript

**Jeffrey Christian:** We’re in a strange situation right now, because the silver price was $49, two and a half weeks ago. So, it’s risen $14 or like 30% almost in two and a half weeks. That’s not fabrication demand driving it, it’s investment demand.

**Sean Brazney:** What I want to talk about with you today is silver and a couple points I really want to make is really perception and value. When I think about gold and we were down at $1,800, $2,000 an ounce, when it broke through that $2,000, I thought you know broke through $2,600, I thought maybe we can go to $3,200, $3,600, maybe there’s a pullback in there. It went over $4,000 and stayed there, but you know I had kind of an idea of where I thought it could go. Then you look at silver, and silver even though it’s gone to $50 an ounce a couple times in history, there’s a lot of old investors and a lot of new investors that look at silver as not only an industrial metal, but a money metal. It is an inexpensive asset. It still has tremendous value when you consider it across all the commodity sector, and you look at it at $60 today, and you think, in my mind, I think silver could still easily go to $100 an ounce. So, it hasn’t really quite gone to where I think it could go mentally. Now, I’d love to hear what you say about the data behind what’s going on and where you think we’re headed over the next few months.

**Jeffrey Christian:** Yeah, I mean we’re in a strange situation right now, because the silver price was $49 two and a half weeks ago. So, it’s risen $14 or like 30% almost in two and a half weeks. That’s not fabrication demand driving it, it’s investment demand and it’s really been investment demand and I think there’s three components. First off, I don’t want to belittle fabrication demand, because it’s very important, it’s the major place where silver goes, and it has been stronger this year than a lot of people in the silver market expected, because the economy has been stronger than a lot of people expected. So, it’s… fabrication demand is important and it’s holding up pretty well. The second thing is investment demand and investment demand, the amount of silver that investors are buying, has increased sharply last year and this year, and it’s accelerated since the end of August. But there’s a third factor, which is investor selling, which has dissipated sharply, and it was a significant factor in 2022 and 2023. We write about net investment demand, which is gross purchases, less gross sales, and we saw very low net investment demand in 2022, 2023, because there were investors who were selling. That dissipated somewhat in 2024 and its dissipated and maybe even come to virtually meaningless levels this year. As a result, the net investment demand has risen sharply last year and even more sharply this year and we think it’s going to rise again sharply next year too. So, that’s really the factor that’s been driving it. If you look at various market metrics, it’s really investment demand that’s been driving it over the last two years now, and especially, as I said, since late August.

**Sean Brazney:** Investor demand is healthy and something that really has, what we’ve seen, come through within the business as well, even at $62 silver and gold holding over $4,200 an ounce, platinum hit $1,700 an ounce here recently, palladium has been holding up. Been a great time in the commodities market as we come through, like you said, the race to the end of the year. I want to remind our viewers, of course, to join with us with our monthly talks with Jeffrey. I believe they’re going to be happening throughout next year as well, a little teaser for everybody out there, and also to remind our viewers to call in. It’s the last report for *Silver Lining in Radical Times*, $62 silver sure is radical, and call in to get your free report today. Thank you for being with us today, Jeffrey.