The silver price has not yet exceeded the $34 per ounce mark, but according to Saxo Bank, it could do so by 2025.
Silver has struggled due to uncertainties caused by the Trump administration’s tariff policies. Analysts explain that increased demand in the US, driven by fear of tariffs, has influenced the silver price. Gold, copper, and platinum group metals are also benefiting, but the market remains uncertain as Trump could impose tariffs – or not.
Saxo Bank assumes that silver will remain tariff-free, as the US heavily relies on imports. In 2023, US production was 1,100 tons, while demand was 5,100 tons. The main supplier is Mexico, followed by Canada.
Price decline in silver would be a buying opportunity
If no tariffs are imposed, silver could fall to $31.50 per ounce if support at $32.33 doesn’t hold. Nevertheless, analysts see buying opportunities, as the price is expected to rise above $35 – with potential for $40. Silver expert Peter Krauth shares this view.
Additionally, a still significant supply deficit stabilizes the silver price, as 55% of silver demand comes from industry. The electrification of the economy continues to drive demand, particularly through the increasing use of solar energy.
Silver also benefits from the gold rally, as gold is above $3,000 per ounce. Saxo Bank expects gold to reach $3,300 in 2025. If the gold-silver ratio reaches last year’s level, silver could exceed $40 – albeit with high volatility.
At Goldinvest.de, we have long been convinced that the silver price still has considerable potential, which is why we are closely watching a number of interesting silver companies. These include Summa Silver (WKN A2P4EE) with two projects in the USA, which recently published a resource estimate; Silver47 Exploration (WKN A408EQ) with an extremely exciting, huge project in Alaska that also already has a resource; and Terra Balcanica Resources (WKN A40DA5) with the Viogor Zanik project in Bosnia, where high silver and antimony grades have already been demonstrated – and which is about to start the next drilling program. All these companies should be able to benefit disproportionately from sustained high silver prices and especially from a further increase in the precious metal. We’ll keep you updated!
