Plata 2025: a year of breaking records and how to position yourself in 2026

Silver has experienced a 2025 to remember. The precious metal not only broke key psychological barriers but also reached $66.8 per ounce, leaving behind old highs and establishing itself as one of the best-performing assets of the year. From the beginning of the year until now, XAG/USD has experienced a sustained rise that doubled its historical performance, surpassing gold by more than 60%. For silver futures traders and investors in general, these figures represent a structural shift in the dynamics of this market.

Silver’s Journey in 2025: From Moderate to Extraordinary

The year started with moderate expectations, mainly supported by the recovery in global industrial demand and signals of a more flexible monetary policy than expected. However, mid-year marked the turning point. Prices broke through classic resistance levels and accelerated strongly, especially in November and December, when the quote remained consistently above $60 per ounce.

What explains this movement? A combination of factors: structural supply deficit, robust physical demand from industrial and technological sectors, and a significant capital flow into growth-sensitive assets. Silver also benefited from its historical role as a hedge against uncertainty, capturing defensive capital while remaining a beneficiary of economic recovery.

What Major Institutions Expect for the Coming Years

Global banks have revised their projections upward. HSBC anticipates that the 2025 average will surpass previous estimates, with 2026 offering even higher levels if the safe-haven asset pressure persists. UBS is equally optimistic, projecting that silver will sustainably reach higher levels throughout 2026, driven by industrial demand, ETF investments, and limited supply. Scotiabank maintains a constructive yet more tempered outlook, estimating continued industrial recovery, while Citi Research sets ambitious targets that weigh technical support, physical demand, and inventory dynamics.

Technical and Fundamental Analysis for 2026

From a technical perspective, silver shows a clearly bullish structure over medium-term horizons. However, after reaching all-time highs and recently trading near $63-64, the metal faces key psychological levels that could lead to consolidations. The market will likely alternate between periods of compression and attempts to break higher, rather than explosive moves without resistance.

Fundamentally, the support pillars remain solid: lower interest rates reduce the opportunity cost of holding non-yielding metals, industrial demand — especially in solar energy, electronics, and emerging technologies — remains firm, and geopolitical and economic uncertainty continues to favor defensive assets like silver. The structural interest in this metal has not disappeared; on the contrary, it has deepened.

For silver futures traders, these fundamentals suggest room for upward movements in 2026, albeit with contained volatility within certain ranges. The key will be to monitor both key technical levels and global supply-demand indicators.