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Neumeyer has voiced this opinion typically over the previous decade. He put up a US$130 worth goal in a November 2017 interview with Palisade Radio, when silver was simply US$17, and he additionally mentioned it in an August 2022 interview with Wall Road Silver. He has reiterated his triple-digit silver worth forecast in a number of interviews with Kitco through the years, together with one in March 2023.
In 2024, Neumeyer made his US$100 silver name in a dialog with ITM Buying and selling’s Daniela Cambone on the Prospectors & Builders Affiliation of Canada (PDAC) conference, and in April of that yr he acknowledged his repute because the “triple-digit silver man” on the Todd Ault Podcast.
At occasions he’s been even bolder, suggesting in 2016 that silver might attain US$1,000 if gold have been to hit US$10,000. Extra lately, he has pushed his anticipated timeline for US$100 silver again, however he stays very bullish in the long run.
So as to higher perceive the place Neumeyer’s opinion comes from and whether or not a triple-digit silver worth is basically within the playing cards, it’s necessary to check out the components that have an effect on the metallic’s actions, in addition to the place costs have been prior to now and the place different trade insiders assume silver could possibly be headed.
First, let’s dive slightly deeper into Neumeyer’s US$100 silver prediction.
Why is Neumeyer calling for a US$100 silver worth?
Neumeyer believes silver might hit US$100 on account of a wide range 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 metallic to leap to the US$100 mark from US$44, its worth must improve by round 125 p.c. Nonetheless, silver has already jumped by almost 160 p.c from its worth 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 worth partly as a result of he believed the market cycle could possibly be in comparison with the yr 2000, when buyers have 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 a number of 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 assumed it will have occurred before it presently is occurring.”
In an August 2022 with Wall Road Silver, he reiterated his assist for triple-digit silver and stated he isn’t alone on this optimistic view — in truth, 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 Might 2021 interview, when introduced with supply-side information from the Silver Institute indicating the largest surplus in silver market historical past, Neumeyer was blunt in his skepticism. “I feel these numbers are made up,” he stated. “I wouldn’t belief them in any respect.”
He identified that subtracting internet investments in silver exchange-traded merchandise leaves the market in a deficit, and in addition questioned the methodology behind the institute’s recycling information given that almost all recycled silver metallic comes from privately owned smelters and refineries that sometimes don’t make these figures public.
“I am guessing the mining sector produced one thing within the order of 800, possibly 825 million ounces in 2022,” Neumeyer stated when giving a This fall 2022 overview for his firm. “Consumption numbers appear like they’re someplace between 1.2 and 1.4 billion ounces. That is on account of all the good applied sciences, all of the newfangled devices that we’re consuming. Electrical autos, photo voltaic panels, windmills, you title it. All these applied sciences require silver … that is a fairly large (provide) deficit.”
In a December 2023 interview with Kitco, Neumeyer pressured that silver is greater than only a poor man’s gold and he spoke to silver’s necessary function in electrical autos and photo voltaic cells. In keeping 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 important mineral. Silver’s inclusion on the listing would enable silver producers to speed up the event of strategic tasks 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 seems to be prefer it’s gonna be larger 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 metallic will finally turn out to be uncoupled from its sister metallic gold, and needs to be seen as a strategic metallic on account of 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 in recent times, that means that opposite to standard perception, he believes the metallic 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 yr, he thought silver will solely attain US$30. Nonetheless, as soon as the gold-silver ratio is that unbalanced, he believes that silver will start to take off, and it will simply want a catalyst.
“It could possibly be Elon Musk taking a place within the silver area,” Neumeyer stated. “There’s going to be a catalyst at a while, and headlines within the Wall Road Journal would possibly speak in regards to the silver provide deficit … I do not know what the catalyst shall be, however buyers and establishments will get up to the basics of the metallic, and that is when it is 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 metallic, 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 won’t even transfer the value, as a result of some financial institution simply writes you a contract that claims (you personal that),” he famous, saying banks are keen to get quick as a result of as soon as shopping for stops, they push the value all the way down to get the buyers out of the market and purchase the silver again. “… If the miners began pulling their metallic out of the present system, then unexpectedly the banks would not know if they are going to get the metallic or not, so they would not be taking the identical dangers they’re taking at this time 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 finally silver costs must rise with a view to incentivize silver miners to dig up extra of the metallic.
“You want triple digit silver simply to inspire the mining corporations to start out investing once more as a result of the mining corporations 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 issues about this silver provide deficit.
In a March Investing Information Community (INN) interview, Dana Samuelson, president of American Gold Trade, defined that silver is especially weak 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 complete 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 in recent times.
What components have an effect on the silver worth?
So as to glean a greater understanding of the valuable metallic’s possibilities of buying and selling across the US$100 vary, it’s necessary to look at the weather that might push it to that degree or pull it additional away.
The power of the US greenback and US Federal Reserve rate of interest modifications are components that may proceed to have an effect on the valuable metallic, as are geopolitical points and provide and demand dynamics.
Though Neumeyer believes that the ties that bind silver to gold have to be damaged, the truth is that many of the similar components that form the value of gold additionally transfer silver.
For that purpose, it’s useful to take a look at gold worth drivers when attempting to grasp silver’s worth 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 usually unfavorable for gold and silver, whereas decrease charges are usually optimistic. That is as a result of when charges are larger, funding demand shifts to merchandise that may accrue curiosity.
When the COVID-19 pandemic hit, the Fed lower charges all the way down to zero from 1 to 1.25 p.c. Nonetheless, rising inflation led the Fed and different central banks to hike charges, which negatively impacted gold and silver. In February 2023, the Fed raised charges by simply 25 foundation factors, the smallest hike since March 2022, as Chair Jerome Powell stated the method of disinflation has begun. The Fed continued these small price hikes over the following yr with the final in July 2023.
The Fed’s price strikes are presently enjoying a key function in pumping up silver costs. In early July 2024, as analysts factored within the rising potential for rate of interest cuts within the the rest of 2024, silver costs have been as soon as once more testing Might’s almost 12 yr excessive, they usually topped US$31 in September within the days main as much as the anticipated first price lower.
Heading into September of this yr, the silver worth was testing 14 yr 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 have each climbed even additional within the week following the choice.
Whereas central financial institution actions are necessary for gold, and by extension silver, one other key worth driver these days has been geopolitical uncertainty. The previous few years have been crammed with main geopolitical occasions similar to tensions between the US and different international locations similar to North Korea, China and Iran. The massive financial influence 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 worth optimistic for gold, bringing silver alongside for the journey.
Nonetheless, silver’s industrial aspect cannot be ignored. Within the present surroundings, the commercial case of silver is weakening within the quick time period; however long term nonetheless holds some prospects for bigger positive factors.
Increased industrial demand from rising sectors on account of components just like the transition to renewable vitality and the emergence of AI expertise shall be extremely supportive for the metallic over the following few years. Photo voltaic panels are an particularly thrilling sector as producers have discovered growing the silver content material will increase vitality effectivity.
“Even within the US, the coverage actually is ‘the entire above’ — all types of vitality. So I’m not involved about photo voltaic cells diminishing. Might 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 Might webinar hosted by Simon Catt of Arlington Group.
“(Prime Minister Narendra) Modi made a coverage determination a yr 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.
Might silver hit US$100 per ounce?
Whereas we will not know if we’ll attain a $100 per ounce silver worth within the close to future, there’s assist for Neumeyer’s perception that the metallic is undervalued and that “very best situations are current for silver costs to rise.”
Many are on board with Neumeyer in the concept silver’s prospects are brilliant, together with Gary Savage, president of the Sensible Cash Tracker Publication, who said throughout a Might 2025 interview with INN that “US$100 goes to be a bit of cake” for silver. He additionally said he believes “US$500 is probably going someday … possibly in three or 4 years.”
So, if the silver worth does rise additional, can it go that prime?
Let’s take a look at silver’s current historical past. The best worth for silver was slightly below US$50 within the Nineteen Seventies, and it got here near that degree once more in 2011. The commodity’s worth uptick got here on the again of very robust silver funding demand. Whereas it has but to achieve these ranges once more, the silver worth has elevated considerably in recent times.
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 value 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 Might 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 yr excessive of US$29.26. Regardless of pulling again to the US$26 degree quickly after, by October 22 the value of silver had a pleasant run within the lead as much as the election, rising as much as US$34.80.
Nonetheless, a stronger greenback and indicators that the Fed won’t be so fast to chop rates of interest as deeply as anticipated have been seen as worth unfavorable for silver. It was in a downward slide for a lot of the rest of the yr.
For a lot of the primary half of 2025, silver has adopted gold larger on components together with persistent inflationary pressures introduced on by Trump’s aggressive tariff bulletins and the continuing geopolitical dangers within the Center East.
On September 22, 2025, the value of silver had reached a 14 yr excessive of US$44.11, up over 50 p.c for the reason that starting of the yr.
What do different specialists take into consideration US$100 silver?
As silver’s trajectory continues upwards, some silver market specialists are agreeing with Neumeyer’s triple-digit silver speculation, or not less than that the value of silver nonetheless has additional room to develop.
Willem Middelkoop of Commodity Discovery Fund informed INN on the sidelines of PDAC that he believes silver might simply attain US$100 someday over the following decade, advising buyers to incorporate bodily silver of their portfolio.
“Sooner or later the market will run, and for those who’re not in, you will not win it,” Middelkoop stated.
Substack publication author John Rubino sees the silver provide deficit as not solely a problem for the commercial sector, however for the COMEX futures markets as effectively, which might spark a significant rally within the silver worth.
“There needs to be upward worth strain on silver, because the deficit continues and possibly turns right into a scarcity,” Rubino informed INN in a Might interview. “We’re utilizing up the beforehand present silver, and which means there’s simply much less of it round for the COMEX to fulfill futures contracts who present up and need to flip their contract into silver.”
Rubino defined that there’s actual hazard in an alternate defaulting on delivering bodily metallic to futures contract merchants and needing to pay money as an alternative. This situation is more likely to set off panic shopping for.
He added that he can be shocked if silver didn’t attain US$100 an oz. “someplace alongside the best way, and it is doable that a lot larger costs might occur when the panic shopping for begins.”
Frank Holmes of US World Traders (NASDAQ:GROW) informed INN in a June interview that he thinks the value of silver might “simply go to US$100” on condition that silver provide has been operating a deficit for a few years now at a time when the world is transitioning towards elevated electrification. Particularly, he cited photo voltaic sector demand.
INN additionally spoke with Mani Alkhafaji, First Majestic’s vice chairman of company of growth 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 in some unspecified time in the future sooner or later.
“It is exhausting to not reference Keith, our CEO, and triple digit involves thoughts fairly ceaselessly now — extra individuals are speaking about it,” Alkhafaji defined on the time. He elaborated, “I’m a believer of economics, you take a look at the mining ratio and that’s sitting at 7:1, but the value ratio is sitting at 90:1 proper now. We simply talked about that gold is snug at US$3,000, in order that tells us that silver must play catch as much as collapse that ratio.”
Mark O’Byrne of Tara Cash informed INN in a June interview that he thinks silver’s medium- and long-term outlook is “nearly as good as gold if not higher due to these huge provide deficits for years now.” O’Byrne thinks silver might go to US$100 to US$150 over the following three to 5 years as a result of excessive degree of danger globally, mixed with silver’s industrial and financial demand.
“One other factor that is necessary to notice is the value inelasticity,” he defined. “Most commodities, when the value goes up, the provision goes up. However with silver, it is primarily a by-product from base metallic mining. It depends upon the character of the recession we get and the way extreme it’s, however that might influence the demand for base metals, and subsequently you might not see a rise in mining provide for silver.”
Many different specialists within the area count on silver to carry out strongly within the years to return. Talking with INN in an August interview, Tavi Costa of Crescat Capital expressed his confidence that larger silver costs are on the horizon.
“I feel we’ll see new highs within the subsequent 12 months and I feel we’ll recast the highs within the subsequent six months. Recasting that means US$50 within the subsequent six, after which breaking out to new highs within the subsequent 12 months,” he stated.
Regarding his causes for laying out this path ahead for silver, Costa cited the excessive volumes of silver purchases occurring after days when costs declined, in addition to the clear outperformance of silver even when gold is falling.
Analyst agency InvestingHaven may be very bullish on the silver market and is anticipating costs to check all-time highs in 2025, shifting as excessive as US$49 earlier than blasting by way of new information within the subsequent few years. InvestingHaven even sees the valuable metallic reaching as excessive as US$77 in 2027 and US$82 by 2030.
FAQs for silver
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 might 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. In 2024, it was about 1:7.5.
If silver was priced based on manufacturing ratio at this time, when gold is at US$3,000 silver can be round US$400, or US$333 at 1:9. Nonetheless, the gold to silver pricing ratio has really sat round 1:80 to 1:90 lately, and when gold moved above US$3,000 in March 2025, silver was round US$34.
Moreover, even when pricing did change drastically to replicate manufacturing charges, gold would wish to climb by greater than 300 p.c from its present worth to hit the US$10,000 gold worth 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 automobile, together with international locations stockpiling gold, can overshadow silver.
Moreover, jewellery alone is an enormous drive for gold demand.
There’s an abundance of silver — based on 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 have 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 couple of 1:7.5 ratio final yr, whereas the value ratio on June 11, 2025, was round 1:92 — an enormous disparity.
Is silver actually undervalued?
Many specialists imagine that silver is undervalued in comparison with fellow foreign money metallic gold. As mentioned, their manufacturing and worth ratios are presently extremely disparate.
Whereas funding demand is larger for gold, silver has seen growing time within the limelight in recent times, 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 metallic in addition to a valuable metallic. It has functions in expertise and batteries — each rising sectors that may drive demand larger.
Silver’s two sides has been on show in recent times: silver demand hit file highs in 2022, based on 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 yr, 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 metallic 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 metallic additionally gives worth assist. As a report from the CPM Group notes, “it may be seen that silver in truth virtually all the time (however not all the time) out-performs gold throughout a gold bull market.”
How one can put money into silver?
There are a selection 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 corporations centered on silver mining and exploration. As a by-product metallic, buyers may also acquire publicity to silver by way of some gold corporations.
There are additionally silver exchange-traded funds that give broad publicity to silver corporations and the metallic itself, whereas extra skilled merchants could also be occupied with silver futures. And naturally, for individuals who want a extra tangible funding, buying bodily bullion in silver bar and silver coin type can be an choice.
Non-public 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.
That is an up to date model of an article initially revealed by the Investing Information Community in 2016.
Don’t neglect to observe us @INN_Resource for real-time information updates!
Securities Disclosure: I, Melissa Pistilli, maintain no direct funding curiosity in any firm talked about on this article.
Editorial Disclosure: The Investing Information Community doesn’t assure the accuracy or thoroughness of the knowledge reported within the interviews it conducts. The opinions expressed in these interviews don’t replicate the opinions of the Investing Information Community and don’t represent funding recommendation. All readers are inspired to carry out their very own due diligence.
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