Silver Outlook

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Expert silver market insights

Our quarterly silver outlook is published in our Quarterly Metals Report, which covers base, precious and ferrous metals. The impact of supply and demand fundamentals and macroeconomic implications for silver is analysed. Our research team produce silver price range forecasts as part of the report.

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Silver Outlook – Q1 2025

Silver underperformed relative to gold in 2024, trading between $30–32/oz, weighed down by softer investor interest and macroeconomic headwinds. In Q1 2025, we expect silver to remain rangebound, with price movements driven by industrial demand, particularly from the solar sector. While ETF outflows and weaker economic growth limit upside potential, substantial global solar expansion, led by China, provides long-term support.

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