HSBC has raised its silver price forecasts, predicting that the metal could soon revisit—and potentially surpass—its all-time high from 2011. The bank said the powerful rally in gold is now spilling over into other precious metals that serve as safe-haven assets, driving silver sharply higher.
In its latest outlook, HSBC increased its 2025 average silver price forecast to $38.05 per ounce and its 2026 average forecast to $44.50/oz, up from prior estimates of $35.14/oz and $33.96/oz. The bank now expects silver to finish 2025 at $49.00/oz and end 2026 at $41.50/oz, signaling sustained price strength through the next 18 months.
Analysts at HSBC believe the near-term trajectory remains strongly positive, underpinned by safe-haven demand that recently propelled gold to record highs. “The silver market stands on the cusp of the record high of nearly USD50/oz set in May 2011, but is likely to surpass that level in the near term,” HSBC analysts wrote in a note dated October 7. “We look for a wide USD45.00-53.00/oz range for the remainder of 2025 and a wide USD40.00-55.00/oz range next year.”
The bank highlighted that physical silver supplies remain tight, while investment-led demand continues to strengthen despite the rapid price appreciation this year. As of Wednesday, spot silver traded at $48.83/oz, marking a 65% gain year-to-date, compared to a 55% surge in gold, which crossed the $4,000/oz mark for the first time ever.
According to HSBC, silver’s upward move remains closely linked to gold’s performance, as both metals share similar investor appeal. “Gains in gold attract ancillary buying in silver,” the analysts said. They added that limited availability in London’s physical silver market has also added upward pressure to prices, with concerns over potential U.S. tariffs prompting large transfers of gold and silver into American markets during the first half of the year.
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