Last year, few predicted $100/oz silver.  But those who did have now been proven right. Silver recently traded around $104 with a 7% gain in a single day after a rise of more than 200% over the past year. The question many are asking now is simple. Where does it go from here?

To understand what comes next, we have to look at the forces driving silver in the real world and the story the charts are telling.

Why Silver Moved So Fast

Today, silver is far more than a metal used in coins or jewelry. Over half of its annual supply now goes into high-tech industries like solar panels, electric vehicles, data centers that power artificial intelligence, and everyday electronics.

At the same time, the world has been running a supply deficit in silver for 6 years in a row. The shortfall adds up to about 800 million ounces.¹ Silver is mainly produced as a byproduct of mining for other metals. That means output cannot easily ramp up even when prices rise. Add in rising geopolitical risk in key producing regions like Russia, Mexico, and Latin America, and you have a tight market before investors even show up.

And then there is the macroeconomic picture. The Federal Reserve has been cutting interest rates to support a slowing economy, weakening the dollar. At the same time, Americans are feeling the strain of inflation, rising global debt, and new tariffs. With all these pressures building at once, people are looking for places to protect their savings. Hence, the surge in precious metals.

What the Charts Reveal

On the charts, silver futures hit a high near $103.22. That is far above the 50-day and 200-day moving averages. Trading volume exploded to about 135,000 contracts compared with an average near 1,632. This means the move is not a small or quiet rally, but a powerful surge backed by heavy trader participation.²

The spike capped a pattern that has been building for years. Silver spent a long time forming what technicians call an "ascending triangle.” An ascending triangle is a chart pattern where the bottom-line slopes upward and the top line stays flat. It shows buyers getting stronger until the price finally breaks through the top line. Silver finally crossed that line, at 54 dollars, in late 2025. The move echoed the 2008 to 2011 run that took silver from 9 dollars to 50 dollars.

This time the breakout has been even more dramatic. Silver jumped through resistance near $96 and pushed through $100. Earlier consolidation zones between $72 and $84 now act as support.

Fibonacci extensions from the 2024 low of $28.31 project near-term targets at $102-$110.  In simple terms, this method uses a set of number patterns to guess where prices might slow down or speed up, kind of like finding natural stepping stones on a chart.³

What the Indicators Say

Traders use something called the Relative Strength Index (RSI) to measure how fast prices are climbing or falling. When the RSI goes above 70, it can mean prices have gone up too quickly and might soon drop. Silver’s RSI is around 80 on daily charts and 75 on weekly charts, which shows strong buying and momentum. Even though these numbers are high, they don’t yet show the warning signs that appeared back in 2011, when silver’s rally ended. In other words, silver’s uptrend is powerful and still going strong.⁴

How This Rally Compares to The Past

In 2011, a supply crunch drove silver to $50. The current setup is even tighter. The present 800-million-ounce deficit is far larger than the 200-million-ounce gap back then.

The gold-silver ratio also tells an important story. This ratio compares how many ounces of silver it takes to equal the price of 1 ounce of gold. It has shrunk from peaks near 90 in 2024 to about 46 today with gold around $5,000. The long-term average is about 60. In past bull markets, the floor has been closer to 40. If gold simply holds at $4750, a move back to a 40 ratio would imply silver above $118.⁵

How High Could Silver Go

Several technical targets are lining up. Short-term chart analysis points toward $110. A move into mid-2026 could see $150 if trends stay intact. Some analysts also see a path to $200 or more if the ratio between gold and silver falls toward 40 while the supply deficit continues.

Nothing moves up in a straight line forever. A 20 to 30 percent pullback toward the 72 area would simply reflect investors taking profits. But the broader uptrend would likely pick up again once that pressure clears.

What It Means for You

For everyday Americans, the message is clear. Silver breaking through $100 is more than a headline. It reflects chronic supply shortfalls, surging demand from new technologies, and pressure on paper currencies.

You do not need to chase every swing. This is a moment to understand how real tangible assets like physical silver and gold can fit into a broader plan to protect savings. Thoughtful exposure to precious metals can help balance the risks in a market like this. Whether silver cools off to $90 or surges to $150, the long-term case remains the same. Everyone is asking where silver is headed. The better question is- where you want to go from here?

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Max Baecker is the President of American Hartford Gold (AHG), the nation’s largest retailer of precious metals. He leads American Hartford Gold’s mission to help clients achieve long-term financial security with physical gold and silver.

Under his guidance, American Hartford Gold has delivered billions of dollars’ worth of precious metals to thousands of satisfied clients.

Max's dedication to upholding American Hartford Gold's industry-leading standards is reflected in its accolades. American Hartford Gold has made numerous high-ranking appearances on the prestigious Inc. 5000 List of America’s Fastest-Growing Private Companies. AHG holds an A+ Rating from the BBB and a 5-Star Rating on Trustpilot from thousands of American Hartford Gold reviews. American Hartford Gold is the only precious metals company trusted and recommended by Bill O’Reilly.

AHG offers investment-grade gold and silver coins and bars at competitive prices. Clients also benefit from its buy-back commitment with no back-end fees. To learn more, visit American Hartford Gold.

Notes

1. https://www.ipmi.org/news/silver-faces-fifth-annual-supply-deficit-industrial-demand-slumps-investment-surges-silver

2. https://tradingeconomics.com/commodity/silver

3. https://cryptorank.io/news/feed/4e891-silver-price-forecast-2026-could-silver-reach-200-after-91-rebound

4. https://www.barchart.com/futures/quotes/SI*1/technical-analysis

5. https://economictimes.com/news/international/us/why-are-gold-and-silver-prices-still-surging-as-gold-touches-5081-and-silver-at-110-will-gold-touch-6000-next-and-silver-cross-125/articleshow/127551407.cms