The Silver Market in 2026

Advertisement/Advertising - This article is distributed on behalf of Endeavour Silver Corp. and Vizsla Royalties Corp., with whom SRC swiss resource capital AG has paid IR advisory agreements. Producer: SRC swiss resource capital AG · Author: Ingrid Heinritzi · First published: April 21, 2026, 5:37 p.m. Zurich/Berlin

At the end of January, the price of silver reached an all-time high of more than $121 per troy ounce. It currently stands at around $80 per ounce, although the price has picked up slightly again. In 2025, the silver market was in deficit for the fifth consecutive year. There was a significant liquidity crunch in October of last year. This was driven by rising inventories of exchange-traded products and high demand for silver coins and bars. Additionally, massive amounts of silver were transferred to CME vaults.

Demand for bars and coins rose by 14 percent. This helped offset weaker segments.  Although PV manufacturers have cut back on silver or replaced it with other materials, demand from the artificial intelligence infrastructure sector, the automotive industry, and investments in power grids remained strong. Due to high prices, a double-digit decline in demand for jewelry and silverware is expected in 2026. On the other hand, demand for bars and coins is projected to rise by 18 percent.

On the supply side, stagnation is forecast. Overall, the Silver Institute anticipates a structural market deficit of 46.3 million ounces. While the war in Iran has had a negative impact on the short-term outlook, the broader macroeconomic and geopolitical environment will continue to support silver prices. Consequently, the valuations of companies in the silver sector remain of interest.

As a royalty company, Vizsla Royalties - https://www.commodity-tv.com/ondemand/companies/profil/vizsla-royalties-corp/ - offers proprietary diversification and holds two NSR royalties. One is a 2% interest in the Panuco property in Mexico, which is a primary, high-grade silver resource. The other is a 3.5% interest in the Silverstone concessions.

Endeavour Silver - https://www.commodity-tv.com/play/endeavour-silver-ceo-with-corporate-update-pitarrilla-pfs-coming-by-august-2026/ - owns three producing mines. The company’s projects are located in Mexico and Peru. In addition, there are planned exploration projects in Mexico, Chile, and the U.S. In the first quarter of 2026, the company produced 1,875,375 ounces of silver and 11,740 ounces of gold.

Current company information and press releases from Vizsla Royalties (- https://www.resource-capital.ch/en/companies/mag-silver-corp/ -) and Endeavour Silver (- https://www.resource-capital.ch/en/companies/endeavour-silver-corp/ -).

Further information is also available in our new Precious Metals Report at the following link: https://www.resource-capital.ch/en/reports/view/precious-metals-report-2025-04/

Sources: Vizsla Royalties, Endeavour Silver,

https://silverinstitute.org/elevated-lease-rates-regional-liquidity-tightness-and-robust-investor-interest-resulted-in-record-silver-prices-in-2025/;

https://www.resource-capital.ch/en/reports/view/precious-metals-report-2025-04/

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