Silver Futures Forecast: 22% Rally by September 2026

The immediate backdrop is constructive. Silver recently rebounded roughly 3% to around $60/oz after touching a seven-month low, showing that buyers remain active on sharp declines. That rebound came as markets absorbed comments from new Federal Reserve Chair Kevin Warsh, who acknowledged that inflation risks and expectations had moderated in recent weeks while keeping the Fed’s focus firmly on returning inflation to its 2% target. The more important shift is the Fed’s move away from traditional forward guidance. Reduced policy visibility typically raises rate volatility, and that supports demand for hard assets when investors are uncertain about the path of real yields.

The market is still pricing in additional US rate hikes this year, supported by a resilient labor market. Ordinarily, that would cap precious metals by lifting real yields and supporting the dollar. However, silver’s forecasted move higher reflects a market that is looking beyond the simple rate-hike channel. If investors believe the Fed must keep tightening into a slowing or fragile global backdrop, demand for defensive assets can rise even as nominal rates move higher. Silver benefits from that mix because it carries both monetary-metal appeal and cyclical leverage.

Geopolitics add a second strong driver. Renewed US-Iran tensions and uncertainty around peace talks in Qatar are increasing concern over Middle East stability. Even without direct negotiations, the market is pricing risk around energy supply routes, inflation spillovers, and broader regional escalation. A sustained risk premium in oil and shipping lanes would reinforce inflation concerns and improve the relative appeal of precious metals. Silver’s smaller and more momentum-sensitive market structure means geopolitical demand can translate into larger percentage moves than in gold.

The magnitude of the forecast is aggressive but consistent with silver’s volatility profile. A move to $71.33/oz requires silver to clear the recent $60/oz area decisively, then extend toward new upside targets as technical buying and fund flows build. From current levels, the implied gain of +22.6% over roughly 12 weeks equates to an average advance of about 1.7% per week. That is elevated, but not extreme for silver during periods when macro uncertainty, inflation risk, and safe-haven flows align.

The broader context also supports the call. Silver has already tested downside stress through its seven-month low and recovered quickly, suggesting sellers failed to maintain control. If the rebound holds above the high-$50s, the market can transition from short-covering to trend-following demand. Industrial demand expectations may also stabilize if global manufacturing data improves, adding another layer of support beyond monetary buying.

The main risk to this thesis is a stronger-than-expected US dollar combined with a sharper rise in real yields. If Fed communication convinces markets that inflation is cooling while growth remains firm, precious metals could lose safe-haven demand and silver could struggle to hold above $60/oz. A rapid de-escalation between the US and Iran would also remove part of the geopolitical premium. Finally, because silver is highly volatile, a failure to sustain the post-low rebound could trigger renewed liquidation toward the mid-$50s before the bullish trend reasserts itself.

Overall, the forecast is for a decisive bullish repricing into late September, with silver reaching $71.33/oz as geopolitical risk, inflation uncertainty, and momentum-driven precious metals demand outweigh the drag from expected Fed tightening.

Disclaimer: This forecast is generated using statistical models and historical data. It is intended for informational purposes only and should not be construed as investment advice. Past performance does not guarantee future results. Always conduct your own research and consult with a qualified financial advisor before making investment decisions.