Will silver hit $200 per ounce in 2026? Here's what some experts think.

Over the last year, precious metals have been taking their turn in the spotlight. Gold, for example, surged from $3,000 per ounce in March 2025 to a peak of over $5,400 per ounce in late January 2026. Not to be outdone, silver's price soared from about $30 per ounce a year ago to over $100 per ounce during that same period. 

The price of silver has cooled since then, though, and is now trading at just under $80 per ounce (as of February 9, 2026). That drop in silver value can be attributed, in part, to investors taking profits from recent price run-ups while reassessing the strength of the economy and inflation. Still, the underlying drivers behind silver's rise remain. Silver supply is still tight, while investor demand remains strong.

Amid this environment, silver has the potential to climb again, but could it hit $200 per ounce in 2026? We asked a few experts what they think about the direction of silver's price and what investors may expect. Their insights are detailed below.

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Why silver could hit $200 per ounce in 2026

Experts generally believe hitting $200 per ounce isn't likely, at least not in 2026. However, they acknowledged the possibility could exist this year under certain conditions.

"Achieving $200 silver by 2026 is certainly possible but under extraordinary conditions and not necessarily based on current trends," says Peter Reagan, financial market strategist at Birch Gold Group. "While silver is undervalued relative to gold, which is certainly positive for silver, achieving such a price would likely take an extreme decline in currency values or an extreme increase in inflation."

In other words, if the price of silver were to catapult to $200, we'd likely have endured severe economic distress leading up to that price. 

"We need to be careful what we wish for. I do see $200 silver and $7,000 gold likely before the next U.S. elections (November 2028), but that would probably mean currencies are all devaluing significantly," Vince Stanzione, founder and CEO at First Information, says. 

Brett Elliott, director of marketing at American Precious Metals Exchange, notes that the price rising to $200 from silver's current levels would require it to detach from the established trend again. 

"That won't happen with a minor disturbance," Elliott said, noting how silver's price declined during the partial government shutdown. "It would need to be something intense to generate another parabolic price move. It would have to be something like a major exchange defaulting on their contractual obligation to deliver silver."

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Why silver may not hit $200 per ounce in 2026

While silver could hit $200 per ounce, most experts aren't counting on it occurring this year.

"Anything is possible, but that's not the same thing as 'likely,'" says Elliott. "It's possible that it rallies again and rises to $200 per ounce or further. After all, the underlying physical supply constraints still exist. But from today's prices, silver would need to rally over 250% in the next eleven months. Historically, those are slim odds."

Hitting such an extraordinary milestone would require several price drivers to align. 

"In order for silver to achieve $200, there needs to be an imbalance in supply and demand, an increase in investment demand, and strong industrial demand with limited substitution," Reagan says. "Disciplined monetary policy and/or an increase in the US Dollar Index can negatively impact demand, and an increase in price can increase mining and recycling, potentially limiting price increases."

The biggest threat to a sustained rally might be silver's own success. If prices climb too high, the very industries driving demand could look for alternatives to the metal. Elliott says this is already starting to happen. 

"We're also seeing a lot of industrial consumers of silver looking for ways to substitute or thrift silver, and that will result in lower demand," Elliott says. "One of the stories coming out of China is that the development of silver-free photovoltaics has picked up pace. If some of the narratives around silver scarcity and irreplaceability collapse, then investor flows could taper off."

Advantages of mixing silver investments with gold

Silver's return on investment potential is certainly appealing, but investors must understand it comes with substantial risk. You may be able to smooth out silver's volatility by diversifying your precious metals allocation with both silver and gold. While nothing is certain, gold may help to smooth out the extremes without sacrificing too much growth potential.

"Silver has more upside and more downside volatility; therefore, an equally weighted or slightly overweighted portfolio allocation towards gold with silver as an additive is likely the most reasoned approach," Reagan says.

Stanzione invests in both metals, but cautions against using leveraged investment products that amplify losses as quickly as gains. 

"I am about 80% gold and 20% silver. I also own gold and silver mining ETFs. What I advise against is using leveraged ETFs or futures, which have caused many speculators to get killed due to the higher volatility," Stanzione says. 

Gold and silver bullion, silver ETFs and even gold IRAs may make more sense for your investment goals. 

The bottom line

Silver could climb to $200 per ounce in 2026, but it's only likely to happen under extraordinary circumstances. Experts anticipate that supply deficits and currency devaluation could continue to drive silver's price upward, but they also warn that reaching a $200-per-ounce price this year would likely come with serious economic distress. 

Still, this may be a good time to consider adding silver to your portfolio, especially if the metal is poised for another run. However, it's wise to acknowledge silver's volatility and consider diversifying with gold to help cushion the downside.