I just looked at the silver price development over the past few months, and it's really wild. At the beginning of the year, silver rose above $120, then there was this massive crash of 30% - historic. Now it’s hovering around $84. What fascinates me: The forecasts for silver are currently completely divided. Some analysts see $150 coming, others expect $50. That just shows how uncertain the market is right now.

The bullish arguments are actually quite strong. There are structural bottlenecks – the silver market has been in deficit for five consecutive years. Mine production stagnates at about 813 million ounces per year, but demand is growing. Especially interesting: Silver is heavily used in solar panels, electric cars, and AI infrastructure. This should keep demand high through 2030. Additionally, there has been very strong physical demand from Asia – mainly China and India. In Hong Kong, silver bars were sometimes sold out within hours.

On the other hand: The stronger dollar is a real problem. With the new Fed chair, expectations of tighter monetary policy increased, which boosted the dollar. A strong dollar makes silver more expensive for international buyers – that was also the reason for the crash in January. Add to that tariffs and geopolitical uncertainties.

When making a silver forecast for the coming months, you have to keep both sides in mind. The structural deficit and rising industrial demand point to higher prices. But the dollar strength and Fed policy are real brakes. For me, it’s clear: volatility will remain the game here. Those who want to get in should understand that.