Okay, I've been tracking the silver market for a while now and I have to say: The volatility over the past few months is just wild. In January, the price shot up to $121, then crashed over 30 percent within 30 hours. That was the biggest daily decline since 1980. Since then, silver has been trading around $83-$85, but the question remains: Will the silver price explode or is the fire out?

What makes me bullish: The structural supply deficit is real. The silver market has been in deficit for six consecutive years — the cumulative deficit since 2021 is nearly 820 million ounces. Mine production stagnates at around 813 million ounces per year, but demand is increasing. Especially from Asia — in Hong Kong and South China, silver bars were sold out within hours in some cases. Plus: solar, electric vehicles, AI infrastructure — silver is needed everywhere. The Silver Institute expects strong demand growth in these sectors by 2030. If silver prices are going to explode, it will be because of these fundamental factors.

But here’s the catch: The US dollar is the big risk. With the new Fed chair, analysts expect tighter monetary policy and a strong dollar. That makes silver more expensive for international buyers and dampens demand. Citigroup forecasts $150 in the next three months and calls silver "gold on steroids," but Marko Kolanovic (formerly of JP Morgan) sees the price at only $50. Goldman Sachs warns of extreme volatility. Forecasts for 2026 range from $50 to $150 — showing how uncertain the situation is.

My assessment: Yes, silver prices could explode again, but not guaranteed. The supply shortage and demand from future technologies are real supports. If inflation persists or the dollar weakens, the next rally could happen. But many didn’t expect this 30 percent crash — it shows how quickly the rules of the game can change. Those looking to invest should discuss it with a financial advisor and not just speculate on quick gains.