## Why Did the Silver Ounce Price Reach Historic Records in 2025?

Silver has had an extraordinary year, establishing itself as one of the most prominent metals in the market. On December 9th, the price hit a historic milestone by surpassing **$60 per ounce**, and days later reached a high of **$66.8**, breaking barriers not seen in decades. This performance was no coincidence: starting from moderate levels in January, the metal accumulated gains that even doubled gold's performance by over 60%, outpacing most traditional stock indices.

## The Pillars Behind This Unprecedented Rise

The rise in the cost of the silver ounce has been supported by a confluence of factors that analysts recognize as fundamental. First, the structural supply deficit has been persistent: mining has failed to keep pace with demand growth, creating a gap that the market has punished with consistent increases.

Physical demand has also played a crucial role. Sectors such as solar energy, electronics, and clean technologies have significantly increased their silver consumption. Simultaneously, expectations of looser monetary policies have reduced the opportunity cost of holding precious metals, attracting both institutional and individual investors. Added to this is the perception of global risk: in times of economic uncertainty, safe-haven assets like silver strengthen.

## Projections from Major Financial Institutions

Leading investment houses have revised their outlooks upward for the metal:

**HSBC** estimates that the average price in 2025 will surpass previous expectations, projecting even higher levels for 2026 as demand for safe-haven assets remains strong. **UBS** is equally optimistic, suggesting that silver could consolidate at sustainably higher ranges during 2026, driven by continued industrial demand and flows into (ETF) funds. **Scotiabank** maintains a positive but more moderate tone, reflecting a sustained industrial recovery with steady inflows into metal-linked products. Meanwhile, **Citi Research** offers elevated targets that assume a balance between technical support, real physical demand, and global inventory dynamics.

## What to Expect in 2026 from a Technical Perspective?

Analytically, the market shows an upward structure on medium-term charts. After reaching historic highs above $60 and recently trading between $63 and $64, silver has demonstrated strength, although the proximity to key psychological levels suggests it may alternate between consolidations and upward breakout attempts rather than continuous explosive movements.

From a fundamental perspective, multiple elements support the metal: lower interest rates reduce opportunity costs, industrial demand in emerging technologies remains firm, and economic uncertainty continues to favor defensive assets. The year-end period typically generates lower trading volume, which can result in technical oscillations within defined ranges rather than broad directional movements.

## Final Reflection

The fact that the price of the silver ounce doubled in 2025 indicates genuine structural interest in this asset. Although short-term consolidations are likely, the underlying fundamentals—supply deficit, growing technological demand, and search for hedging—point to a favorable outlook for the coming periods. Attentive investors will continue monitoring both key technical levels and developments in industrial demand to calibrate their positions.