silver price forecast 2021

Silver still has another $20 to run before it reaches the 2011 nominal high, but this level is looking more achievable than it was a month and a half ago.
— Jonathan Butler, precious metals analyst and head of business development at Mitsubishi, on September 9, 2020[1]

UPDATED: Silver Price Predictions for 2023

Will the price of silver go up or down in 2023? What trends should investors be watching? Read the outlooks here: Silver Price Forecast 2023

All eyes have been on gold’s record run past $2,067 an ounce in the 3rd quarter of 2020. But silver’s been quietly outperforming gold, sprinting from $14 an ounce to highs of $29.86 an ounce. That’s a 113% jump. Nearly 4X gold’s 30% gain.1,[2]

Even more impressive? Some industry insiders foresee the price of silver doubling again. That’s right. $60-an-ounce silver.[3]

See their silver price forecasts for 2021 now.

Silver Price Predictions for 2021

Institutional Silver Price Forecast 2021

Financial InstitutionSilver Price PredictionQuarter of 2021
Bank of Montreal~ $27.50/ozQ4 2020
Mitsubishi$50/ozNone specified
Nicoya Research$55/ozNone specified
Technical Traders$60/ozQ1
Gov Capitol$37.81/ozQ1
Raymond James$25/ozAnnual average
CPM Group$20/oz – $35/ozQ4 2020 – Q1 2021
CIBC$32/ozNone specified
Bank of America+$31/ozNone specified
BNP Paribas$23.50/ozAverage price for 2021
Jeffries$30/ozNone specified
Bloomberg Intelligence$50/ozNone specified
Goldman Sachs$30/ozToward EOY 2021
bank of montreal logo

Bank of Montreal

~ $27.50/oz Silver in 2021

How did the Bank of Montreal interpret the Federal Reserve’s new 2%-average inflation target? Higher gold and silver prices. So bullish is the BMO, it revised its long-term price forecast for gold and silver.

The bank predicts the price of silver to average approximately $27.50 an ounce during the fourth quarter of 2020. And you know what that means? Silver prices would likely open 2021 somewhere close to that price point, an inference supported by the BMO’s 3-year, average silver price forecast of $27.60.[4]

mitsubishi logo


$50/oz Silver in 2021

Echoing the BMO’s analysis of the Fed’s 2%-average inflation target, Jonathan Butler, the head of business development and a precious metals analyst for Mitsubishi, predicted the price of silver to reach its all-time high of $50 an ounce.

Pointing out that silver prices have already outperformed gold prices this year, increasing 113% compared to gold’s 30% jump, Butler said silver is “still relatively cheap by historical standards.” As inflation rises, which the Fed is now allowing it to do, it will push real interest rates further into the negative, lowering the opportunity cost of holding the historic inflation hedge.[5]

nicoya research logo

Nicoya Research

$55/oz Silver in 2021

Economic recovery or not, financial analysts at Nicoya Research are bullish on silver, forecasting the white metal to fetch $55 an ounce. Why? The precious metal is undervalued, as evidenced by the 100-plus gold-to-silver ratio reached last March. Should industrial demand, which accounts for about 50% of silver demand, rebound, so too would the price of silver. And what if we have a prolonged recession instead? Bargain silver prices could be here to stay for longer.[6]

technical traders logo

Technical Traders

$60/oz Silver in 2021

Fear and uncertainty could catapult precious metals prices past the record highs set in 2011, argues the Chief Market Strategist and Founder of Technical Traders Chris Vermeulen. Gold already surpassed its 2011 high of $1,917.90 an ounce. The upcoming U.S. presidential election will likely jolt the markets further, propelling the price of silver to $60 an ounce by the end of January 2021.[7]

gov capital logo

Gov Capitol

$37.81/oz Silver in 2021

Now you’ve read several human predictions for the price of silver next year. But what about the hardwired experts? Gov Capitol’s Deep Learning algorithm forecast $37.81-an-ounce silver by Q1 2020. Making silver well “suited as a new edition to your portfolio as trading bullish markets is always a lot easier.”[8]

raymond james logo

Raymond James

$25/oz Silver in 2021

So bullish is Raymond James on silver, the financial services firm raised its average price forecast for 2021 to $25 an ounce. That’s a 37.9% increase from its previous prediction. The firm based its forecast on the gold-to-silver ratio, which shot to the 100:1-mark last March, “[revealing] a ‘wider-than-ever margin between the precious metals and [signaling] a potential reset in the months to come.’”[9]

cpm group logo

CPM Group

$20/oz – $35/oz Silver in 2021

‘This is an enormous range and reflects the expectation of volatile economic, political, societal, and public health trends over this time,’ explained Jeffrey Christian, managing director of commodities research and consulting firm CPM Group, of his silver price forecast of between $20 per ounce and $35 per ounce over the fourth quarter of 2020 and the first quarter of 2021.[10]

cibc logo


$32/oz Silver in 2021

U.S. bank CIBC foresees the price of silver running up to $32 an ounce in 2021 because the white metal ‘has the potential to provide investors with even more torque given the relatively smaller market for silver vs. gold.’[11]

commerz bank logo


$32/oz Silver in 2021

Investor demand and industrial demand are two of the primary factors influencing silver prices this year—and they’re set to favorable. Very favorable.

At least that’s if you ask the analysts at German bank Commerzbank. The flood of cheap money from more stimulus could fuel silver buying among private investors at the beginning of the year, while economic recovery could stoke industrial demand by the latter half. Solar panel manufacturer demand for silver could be outright spectacular if the new administration follows through on its plan to construct 500 million solar panels by 2026, a real possibility given the Democratic majority.

Taken together, these factors could send the price of silver to $32 an ounce by the fourth quarter of 2021, predict Commerzbank analysts.[12]

bank of america logo

Bank of America

+$31/oz Silver in 2021

Solar panel demand for silver was on Bank of America’s metals strategist Michael Widmer’s mind too when he forecast an especially bright year for silver, with prices set to surpass $31 an ounce.[13]

bnp paribas logo

BNP Paribas

$23.50/oz Silver in 2021

Harry Tchilinguirian, senior economist at BNP Paribas, echoed the growing analyst expectation for silver to outperform gold this year but predicted neither metal would retain gains from its first-quarter rally. He expects a pullback in silver prices to $23.50 an ounce by the end of 2021.[14]

jefferies logo


$30/oz Silver in 2021

So bullish is Jefferies on the white metal, the U.S. investment bank increased its 2021 silver price forecast by 50% to $30 an ounce. The bank attributed its prediction to continued low interest rates and accommodative Fed monetary policy through 2022.[15]

bloomberg logo

Bloomberg Intelligence

$50/oz Silver in 2021

‘Annual technical indicators for silver are akin to those during turns higher at the start of the new millennium and following 2008. We see the metal following a similar trajectory as the aftermath of the financial crisis toward $50 an ounce, but with greater potential for staying power on a path paved by gold,’ said Mike McGlone, a senior commodity strategist at Bloomberg Intelligence.[16]

goldman sachs logo

Goldman Sachs

$30/Oz Silver in 2021

Sabine Schels and Daniel Sharp, analysts for Goldman Sachs, are forecasting $30-an-ounce price target for silver in 2021.[19]

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Financial Analyst Silver Price Forecast 2021

Financial AnalystSilver Price PredictionQuarter of 2021
InvestingHaven$28/ozNone specified
Morgan Report$65/ozNone specified
investing haven logo


$28/oz Silver in 2021

“Wildly bullish.” That’s how the financial analysts at InvestingHaven foresee silver performing next year, joining the chorus of industry insiders predicting rising inflation to fuel a prolonged rally in precious metals and making now the ideal time to invest in silver.

the morgan report logo

Morgan Report

$65/oz Silver in 2021

David Morgan, of the Morgan Report, foresees massive buying and selling triggering “volcanic tremors” in the silver market over the next few years. Until the price of silver hits $50 an ounce. Then it will leap to $65. Within 3 years we’ll see triple-digital silver prices.

What’s his reasoning? Silver supply and demand. Specifically, grades have been plummeting. Miners have to dig up twice as much ore to get the same amount of silver as 10 years.[12]

metals focus logo

Metals Focus

+$30/Oz Silver in 2021

Faster than global GDP—that’s how rapid industrial silver consumption will be in 2021, asserts Neil Meader, director of gold and silver at Metals Focus, a research firm based in the United Kingdom.

In fact, the Silver Institute contends that the solar industry is set to use an average of 81 million ounces of silver through 2030. Such voracious industrial demand should propel silver prices well past $30 an ounce, predicts Meader.18

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As you can see, institutional and industry analysts are bullish on silver for 2021. Should you buy silver now? Start by checking today’s spot silver price chart.

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