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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 – Q2 2025

Silver remains rangebound in Q2 2025, underperforming gold despite structural market deficits and resilient physical demand. Weak investor appetite, cautious industrial outlooks, and macroeconomic uncertainty continue to weigh on sentiment, keeping prices capped even as longer-term fundamentals remain supportive.

Metals

As we enter the second half of Q2 2025, markets remain gripped by tariff uncertainty, with Trump’s trade agenda continuing to drive global risk sentiment. Volatility has rippled across FX, bonds, and commodities, as investors weigh the trajectory of trade negotiations and the looming end of the 90-day tariff pause. With diplomacy fragile and positioning increasingly tactical, what lies ahead for metals markets in May and June?
Quarterly Metals Report

Quarterly Metals Report Archive

Silver Outlook – Q1 2023
Silver Outlook – Q4 2022
Silver Outlook – Q3 2022
Silver Outlook – Q2 2022
Silver Outlook – Q1 2022
Silver Outlook – Q4 2021
Silver Outlook – Q3 2021
Silver Outlook – Q2 2021
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