Bank of America has issued a sharply higher 2026 silver outlook, with head of metals research Michael Widmer projecting silver could reach $135 to $309 per ounce by the end of 2026, a range that would imply substantial upside from the metal’s recent $81.50 level.
The forecast is framed around historical gold-to-silver ratio compression rather than a standalone silver supply-demand model. The benchmark starting point is a current gold-to-silver ratio of roughly 59:1, paired with gold near $5,000.
Under the first scenario, Widmer uses the 2011 ratio low of 32:1 to justify a $135 silver target. Under the second, he applies the 1980 extreme of 14:1, reached during the Hunt Brothers silver squeeze, to derive a $309 target.
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Silver’s recent trading action is central to the bullish setup because it underscores how quickly the metal can reprice. The metal reportedly hit a new high of $121.67 on Jan. 29, then fell 36% to $75 within days before rebounding to around $81.50.
Widmer’s interpretation is that the selloff was a reset rather than a trend break.
In a recent The Deep Dive interview, Daniel Earle, CEO of Highlander Silver, argued silver is moving from a cyclical commodity story into a structural one, driven by constrained supply, price-inelastic demand, and consecutive year-over-year physical deficits.
“We’re into the beginning of that structural bull market where we’re printing year-over-year physical deficits and a lot of that demand being price inelastic,” he said.
He said those conditions are setting up “outsized” price performance that the market is only beginning to recognize.
Information for this story was found via The Street and the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
