May the Silver Worth Actually Hit $100 per Ounce?

Why is Neumeyer calling for a US$100 silver value?

Neumeyer believes silver may hit US$100 resulting from quite a lot of components, together with its constant deficit, its industrial demand and the way undervalued it’s in comparison with gold.

There’s a big distance for silver to go earlier than it reaches the success Neumeyer has boldly predicted. To ensure that the steel to leap to the US$100 mark, its value must double from its November value of above US$50. Nevertheless, silver has already tripled from its value of round US$17 per ounce when he made his US$130 name in November 2017.

Neumeyer has beforehand stated he expects a triple-digit silver value partly as a result of he believed the market cycle may very well be in comparison with the 12 months 2000, when buyers had been crusing excessive on the dot-com bubble and the mining sector was down. He thinks it’s solely a matter of time earlier than the market corrects, prefer it did in 2001 and 2002, and commodities see an enormous rebound in pricing. It was throughout 2000 that Neumeyer himself invested closely in mining shares and got here out on prime.

“I’ve been calling for triple-digit silver for just a few years now, and I’m extra enthused now,” Neumeyer stated at an occasion in January 2020, noting that there are a number of components behind his reasoning. “However I’m cautiously enthused as a result of, you realize, I believed it could have occurred earlier than it presently is occurring.”

In an August 2022 with Wall Avenue Silver, he reiterated his help for triple-digit silver and stated he isn’t alone on this optimistic view — the truth is, he is been surpassed in that optimism. “I really noticed somebody the opposite day name for US$500 silver,” he stated. “I am not fairly positive I am on the degree. Give me US$50 first and we’ll see what occurs after that.”

One other issue driving Neumeyer’s place is his perception that the silver market is in a deficit. In a Could 2021 interview, when offered with supply-side knowledge from the Silver Institute indicating the most important surplus in silver market historical past, Neumeyer was blunt in his skepticism. “I believe these numbers are made up,” he stated. “I wouldn’t belief them in any respect.”

He identified that subtracting web investments in silver exchange-traded merchandise leaves the market in a deficit, and likewise questioned the methodology behind the institute’s recycling knowledge given that almost all recycled silver steel comes from privately owned smelters and refineries that usually don’t make these figures public.

“I am guessing the mining sector produced one thing within the order of 800, perhaps 825 million ounces in 2022,” Neumeyer stated when giving a This autumn 2022 overview for his firm. “Consumption numbers appear to be they’re someplace between 1.2 and 1.4 billion ounces. That is resulting from all the nice applied sciences, all of the newfangled devices that we’re consuming. Electrical automobiles, photo voltaic panels, windmills, you title it. All these applied sciences require silver … that is a reasonably large (provide) deficit.”

In a December 2023 interview with Kitco, Neumeyer confused that silver is greater than only a poor man’s gold and he spoke to silver’s necessary function in electrical automobiles and photo voltaic cells. Consistent with this view on silver, First Majestic is a member of a consortium of silver producers that in January 2024 despatched a letter to the Canadian authorities urging that silver be acknowledged as a vital mineral. Silver’s inclusion on the checklist would permit silver producers to speed up the event of strategic initiatives with monetary and administrative help from the federal government.

On this 2024 PDAC interview, Neumeyer as soon as once more highlighted this sizable imbalance within the silver’s supply-demand image. “We’re six years into this deficit. The deficit in 2024 appears to be like prefer it’s gonna be greater than 2023, and why is that? As a result of miners aren’t producing sufficient silver for the wants of the human race,” he stated.

Extra controversially, Neumeyer is of the opinion that the white steel will ultimately grow to be uncoupled from its sister steel gold, and must be seen as a strategic steel resulting from its necessity in lots of on a regular basis home equipment, from computer systems to electronics, in addition to the applied sciences talked about above. He has additionally said that silver manufacturing has gone down lately, that means that opposite to in style perception, he believes the steel is definitely a uncommon commodity.

Neumeyer’s March 2023 triple-digit silver name was a long-term name, and he defined that whereas he believed gold would break US$3,000 that 12 months, he thought silver will solely attain US$30. Nevertheless, as soon as the gold-silver ratio is that unbalanced, he believes that silver will start to take off, and it could simply want a catalyst.

“It may very well be Elon Musk taking a place within the silver house,” Neumeyer stated. “There’s going to be a catalyst at a while, and headlines within the Wall Avenue Journal would possibly speak in regards to the silver provide deficit … I do not know what the catalyst might be, however buyers and establishments will get up to the basics of the steel, and that is when it’s going to begin to transfer.”

In an August 2023 interview with SilverNews, Neumeyer stated banks are holding the silver market down. He pointed to the paper marketplace for the steel, which he stated the banks have capped at US$30 even in occasions of excessive shopping for.

“If you wish to go and purchase 100 billion ounces of (paper) silver, you may not even transfer the worth, as a result of some financial institution simply writes you a contract that claims (you personal that),” he famous, saying banks are prepared to get quick as a result of as soon as shopping for stops, they push the worth all the way down to get the buyers out of the market and purchase the silver again. “… If the miners began pulling their steel out of the present system, then rapidly the banks would not know if they’ll get the steel or not, so they would not be taking the identical dangers they’re taking right this moment within the paper markets.”

The month after the interview, his firm First Majestic launched its personal minting facility, named First Mint.

In 2024, gold skilled a resurgence in investor consideration because the potential for Fed price cuts got here into view. In an interview with Cambone at PDAC 2024, Neumeyer countered that notion, stating, “There’s a rush into gold due to the de-dollarization of the world. It has nothing to do with the rates of interest.”

In an April 2025 Cash Metals podcast, Neumeyer reiterated his perception that silver is in an excessive provide deficit and that ultimately silver costs should rise in an effort to incentivize silver miners to dig up extra of the steel.

“You want triple digit silver simply to encourage the mining firms to start out investing once more as a result of the mining firms aren’t going to make the funding as a result of there’s simply a lot danger in it,” he stated.

A number of market analysts have raised considerations about this silver provide deficit.

In a March Investing Information Community (INN) interview, Dana Samuelson, president of American Gold Change, defined that silver is especially susceptible to a provide shock as London Bullion Market Affiliation’s bodily silver provides have decreased by 30 to 40 p.c, whereas gold has solely misplaced 3 to 4 p.c.

Furthermore, in April on the Sprott Silver Convention, Maria Smirnova, senior portfolio supervisor and chief funding officer at Sprott Asset Administration, highlighted the deficit as effectively.

Smirnova defined that silver has been in a provide deficit of 150 million ounces to 200 million ounces yearly (or 10 p.c to twenty p.c of whole provide), whereas manufacturing has been stagnant or declining over the previous decade. She emphasised that above-ground inventories have declined by almost 500 million ounces lately.

What components have an effect on the silver value?

With a view to glean a greater understanding of the dear steel’s possibilities of buying and selling across the US$100 vary, it’s necessary to look at the weather that would push it to that degree or pull it additional away.

The power of the US greenback and US Federal Reserve rate of interest adjustments are components that can proceed to have an effect on the dear steel, as are geopolitical points and provide and demand dynamics.

Though Neumeyer believes that the ties that bind silver to gold should be damaged, the truth is that a lot of the identical components that form the worth of gold additionally transfer silver.

For that purpose, it’s useful to have a look at gold value drivers when attempting to grasp silver’s value motion. Silver is, in fact, the extra unstable of the 2 valuable metals, however however it typically trades in relative tandem with gold.

First, it is helpful to grasp that larger rates of interest are typically destructive for gold and silver, whereas decrease charges are typically optimistic. That is as a result of when charges are larger, funding demand shifts to merchandise that may accrue curiosity.

The Fed’s price strikes are presently taking part in a key function in pumping up silver costs. Heading into September of this 12 months, the silver value was testing 14 12 months highs as market watchers anticipated the primary price cuts on the a part of the Fed because it paused its rate of interest strikes in November 2024. The Fed selected to chop charges on the assembly, and silver and gold each climbed even additional within the week following the choice. The next price minimize throughout the October 29 assembly additionally pushed silver costs larger.

Whereas central financial institution actions are necessary for gold, and by extension silver, one other key value driver currently has been geopolitical uncertainty. The previous decade has been stuffed with main geopolitical occasions akin to tensions between the US and different nations akin to North Korea, China and Iran. The massive financial affect of the COVID-19 pandemic, the banking disaster in early 2023, Russia’s ongoing struggle with Ukraine, and rising tensions within the Center East led to by the Israel-Hamas struggle have been sources of concern for buyers.

Trump’s tariffs have additionally rattled inventory markets and ratcheted up the extent of financial uncertainty pervading the panorama in 2025. This has proved value optimistic for gold, bringing silver alongside for the journey.

Nevertheless, silver’s industrial aspect can’t be ignored. Within the present atmosphere, the commercial case of silver is weakening within the quick time period; however long run nonetheless holds some prospects for bigger positive factors.

Increased industrial demand from rising sectors resulting from components just like the transition to renewable power and the emergence of AI expertise might be extremely supportive for the steel over the following few years. Photo voltaic panels are an particularly thrilling sector as producers have discovered rising the silver content material will increase power effectivity.

“Even within the US, the coverage actually is ‘the entire above’ — all types of power. So I’m not involved about photo voltaic cells diminishing. May they go flat? Yeah, that’s high-quality. Flat at 300 million ounces? That’s nice demand for silver,” stated former Hecla Mining (NYSE:HL) CEO Phil Baker throughout a Could webinar hosted by Simon Catt of Arlington Group.

“(Prime Minister Narendra) Modi made a coverage resolution a 12 months in the past to develop the photo voltaic trade in India. So in India, solely about 10 p.c of their demand for silver is used for industrial functions. In China, it’s 90 p.c, and so what you’re going to have in India is you’re going to see their photo voltaic panel progress skyrocket,” he added.

May silver hit US$100 per ounce?

Whereas we will not know if we’ll attain a $100 per ounce silver value within the close to future, there may be help for Neumeyer’s perception that the steel is undervalued and that “preferrred circumstances are current for silver costs to rise.”

Many are on board with Neumeyer in the concept that silver’s prospects are vibrant, together with Mike Maloney, founding father of GoldSilver.com, who said throughout a November 2025 interview with INN that he’s anticipating silver to simply prime US$200 per ounce, particularly if gold pushes as excessive as US$10,000, which JPMorgan Chase & Co. (NYSE:JPM)’s Jamie Dimon has stated it may within the present financial atmosphere.

So, if the silver value does rise additional, can it go that prime?

Let’s have a look at silver’s latest historical past. Previous to this 12 months, the best value for silver was just below US$50 within the 1980, and it got here near that degree once more briefly in 2011. After spending the latter half of the 2010s within the teenagers, the 2020s have seen silver largely maintain above US$20.

In August 2020, the worth of silver reached almost US$28.50 earlier than pulling again once more, and moved again up close to these heights in February 2021. The value of silver noticed a 2022 excessive level of US$26.46 in February, and handed US$26 once more in each Could and November 2023.

Silver rallied within the later a part of the primary quarter of 2024, and by April 12 was as soon as once more flirting with the US$30 mark because it reached an 11 12 months excessive of US$29.26. Regardless of pulling again to the US$26 degree quickly after, by October 22 the worth of silver had a pleasant run within the lead as much as the election, rising as much as US$34.80.

Nevertheless, a stronger greenback and indicators that the Fed may not be so fast to chop rates of interest as deeply as anticipated had been seen as value destructive for silver. It was in a downward slide for a lot of the rest of the 12 months.

For a lot of 2025, silver has adopted gold larger on components together with persistent inflationary pressures introduced on by Trump’s aggressive tariff bulletins and the continued geopolitical dangers within the Center East. The commodity’s value uptick additionally got here on the again of very sturdy silver funding demand.

What do different consultants take into consideration US$100 silver?

As silver’s trajectory continues upwards, some silver market consultants are agreeing with Neumeyer’s triple-digit silver speculation, or no less than that the worth of silver nonetheless has additional room to develop.

INN has spoken with Mani Alkhafaji, First Majestic’s vice chairman of company of improvement and investor relations, to get his ideas on silver. In a July interview on the Rule Symposium, he shared why he believes there’s a statistical argument for silver to achieve US$70 sooner or later sooner or later.

“It is onerous to not reference Keith, our CEO, and triple digit involves thoughts fairly incessantly now — extra individuals are speaking about it,” Alkhafaji defined on the time.

He elaborated, “I’m a believer of economics, you have a look at the mining ratio and that’s sitting at 7:1, but the worth ratio is sitting at 90:1 proper now. We simply talked about how gold is snug at US$3,000, in order that tells us that silver must play catch as much as collapse that ratio.”

Larry Lepard of Fairness Administration Associates (EMA) instructed INN on the sidelines of the 2025 New Orleans Funding Convention that he believes silver may simply attain US$100 per ounce given the deeply entrenched structural deficit. Lepard stated he sees silver reaching US$75 by mid-2026 and US$80 or US$90 by the tip of the 12 months as lifelike targets given the market dynamics.

This arrange bodes effectively for these not solely invested in bodily silver, however in silver mining shares as effectively.

“I handle a fund that invests in gold and silver shares. And you realize, these silver miners, numerous them, have prices to mine an oz of one thing between US$20 and US$30,” Lepard stated. “If the worth of silver goes to US$120, that is a heck of a revenue margin. And so these shares are going to be very, very engaging to carry, and that is why I maintain them.”

Chris Marcus, founding father of Arcadia Economics, sees the silver provide deficit as not solely a problem for the commercial sector, however for the futures and bullion markets as effectively, which has already sparked a serious rally within the silver value in October and will ignite additional rallies.

Electronics producers like Samsung (KRX:005930) and Apple (NASDAQ:AAPL) are sometimes referenced when discussing the hazards of the silver deficit. Nevertheless, Marcus stated that an October Bloomberg article in regards to the UK Royal Mint warning it was operating low on silver reveals that it’s not simply the commercial customers struggling to pay money for the steel.

“The Royal Mint isn’t an electronics producer. However do you need to name that industrial? I imply, they use silver to make their product, and so they’re speaking about delays,” he defined.

Much more exceptional, stated Marcus, is that that is occurring similtaneously the London Bullion Market Affiliation (LBMA) is wanting the steel and heavy demand in India can be main to provide challenges. “They’ve a silver scarcity. They can’t purchase it proper now. So do we have now an total silver scarcity?”

Ed Steer of Ed Steer’s Gold and Silver Digest additionally instructed INN he sees “the continued structural deficit in silver” and “unbelievable” demand from India as main drivers of the silver value.

Steer is a agency believer in Neumeyer’s US$100 silver forecast, and even wore his Keith Neumeyer triple digit silver t-shirt throughout his October 2025 interview with INN.

“, whether or not within the quick time period or the long run, a method or one other, we will run right into a provide demand brick wall. And when that day occurs, we may see triple digit silver costs in a really, very quick time period,” he stated. “I determine it will be US$200 to US$400 an oz, no less than, earlier than that is throughout.”

Financial institution of America (NYSE:BAC) analysts have a bullish outlook on the silver market and count on to see extra record-breaking costs in 2026. The financial institution is forecasting a excessive of US$65 per ounce and a mean of US$56.25 per ounce for subsequent 12 months.

Can silver hit $1,000 per ounce?

As issues at the moment are, it appears unlikely silver will ever attain highs of US$1,000 per ounce, which Keith Neumeyer predicted in 2016 may occur if gold ever climbed to US$10,000 per ounce.

That is associated to the gold to silver manufacturing ratio mentioned above. On the time of the 2016 prediction, this ratio was round 1 ounce of gold to 9 ounces of silver, or 1:9.

If silver was priced in line with manufacturing ratio right this moment, when gold is at US$4,000, then silver must be round US$445. Nevertheless, the gold to silver pricing ratio has really sat round 1:80 to 1:90 not too long ago. With gold at round US$4,000 per ounce in November, silver is buying and selling round US$51 per ounce.

Moreover, even when pricing did change drastically to mirror manufacturing charges, gold would want to climb by 150 p.c from its present value to hit the US$10,000 gold value Neumeyer talked about again in 2016.

Why is silver so low cost?

The first purpose that silver is bought at a big low cost to gold is provide and demand, with extra silver being mined yearly. Whereas silver does have each funding and industrial demand, the worldwide give attention to gold as an funding car, together with nations stockpiling gold, can overshadow silver.

Moreover, jewellery alone is an enormous drive for gold demand.

There’s an abundance of silver — in line with the US Geological Survey, to this point 1,740,000 metric tons (MT) of silver have been found, whereas solely 244,000 MT of gold have been discovered, a ratio of about 1 ounce of gold to 7.1 ounces of silver. By way of output, 25,000 MT of silver had been mined in 2024 in comparison with 3,300 MT for gold.

Taking a look at these numbers, that places gold and silver manufacturing at a few 1:7.5 ratio final 12 months, whereas the worth ratio on November 19, 2025, was round 1:81 — an enormous disparity.

Is silver actually undervalued?

Many consultants imagine that silver is undervalued in comparison with fellow forex steel gold. As mentioned, their manufacturing and value ratios are presently extremely disparate.

Whereas funding demand is larger for gold, silver has seen rising time within the limelight lately, together with a 2021 silver squeeze that noticed new entrants to the market take part.

One other issue that lends extra intrinsic worth to silver is that it is an industrial steel in addition to a valuable steel. It has purposes in expertise and batteries — each rising sectors that can drive demand larger.

Silver’s two sides has been on show lately: silver demand hit file highs in 2022, in line with the Silver Institute, with bodily silver funding rising by 22 p.c and industrial by 5 p.c over 2021. For 2023, industrial demand was up 11 p.c over the earlier 12 months, in comparison with a 28 p.c decline in bodily silver funding.

Is silver higher than gold?

There are deserves for each metals, particularly as a part of a well-balanced portfolio. As many analysts level out, silver has been identified to outperform its sister steel gold throughout occasions of financial prosperity and growth.

Alternatively, throughout financial uncertainty silver values are impacted by declines in fabrication demand.

Silver’s duality as a valuable and industrial steel additionally gives value help. As a report from the CPM Group notes, “it may be seen that silver the truth is virtually all the time (however not all the time) out-performs gold throughout a gold bull market.”

How you can put money into silver?

There are a number of the way to get into the silver market. For instance, buyers could select to place their cash into silver-focused shares by shopping for shares of firms targeted on silver mining and exploration. As a by-product steel, buyers may also achieve publicity to silver by some gold firms.

There are additionally silver exchange-traded funds that give broad publicity to silver firms and the steel itself, whereas extra skilled merchants could also be keen on silver futures. And naturally, for individuals who choose a extra tangible funding, buying bodily bullion in silver bar and silver coin type can be an choice.

Personal investor Don Hansen shared his methods with INN for investing in valuable metals, in addition to a information for constructing a low-risk gold and silver portfolio.