Silver prices have pulled back after a recent rally. The metal now trades at $74 per ounce, showing signs of slowing momentum. A recent attempt to push prices higher failed.
This current price marks a roughly 32% drop from its all-time high of $121 reached earlier this year. Silver had seen a significant rally in 2025, surging 147%. However, the technical picture now shows fading confidence in the near term.
Despite the selloff, silver’s fundamental support remains strong. The supply deficit is projected at 46.3 million ounces for 2026, marking the sixth straight year of shortage. Industrial demand continues to grow.
Solar panel manufacturing alone uses about 16-20% of the global annual silver supply. Bullion banks, including J.P. Morgan, have also been buying, averaging $81 per ounce across 2026. These underlying factors have not changed.