Will silver outpace gold in 2026? Experts weigh in

Gold continues its run of price records in 2025, most recently surpassing $4,425 per ounce in late December. That equates to a drastic increase in gold's price for 2025 alone, with the precious metal's price upticks largely attributed to safe-haven and central bank demand. 

Not to be outdone, silver has also been gaining momentum, with the price of silver currently hovering above $69 per ounce (as of December 22, 2025). Industrial demand and tight supply are helping push prices higher. And, since silver is in a considerably smaller market than gold, it doesn't take nearly as much demand to move its price considerably.

With precious metal investors earning such solid returns on both metals, many investors are turning their attention to both gold and silver to determine where the prices may be headed. So will silver outpace gold in 2026? We asked experts to weigh in. 

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Could silver outperform gold in 2026?

"Silver has already outperformed gold by a significant margin this year," says Brett Elliott, director of marketing at American Precious Metals Exchange (APMEX). 

Elliott points out that while gold has earned substantial year-to-date gains, silver's increase has been even more substantial. 

"For gold to have a repeat performance, it would need to surpass $6,300 per ounce. Silver would need to reach $86 per ounce. If gold were to outperform silver under these conditions, it would need to surpass $7,000 per ounce," he says.

Jeff Clark, a precious-metals analyst and founder of The Gold Advisor, is bullish on both precious metals. 

"Based on historical trends and our research, we are confident we will see higher prices for gold and silver in 2026," Clark says. "Precise prices are difficult to pinpoint, which is true with any asset. But both metals are currently in a consolidation phase, and once they break out, it would not be surprising to see gold hit $5,000 and silver $75. If not 2026, then 2027."

Elliott also thinks both metals could continue climbing next year. 

"Gold breaching $5,000 per ounce seems likely, given that it's already set a record at $4,400," Elliott says. "Silver seems poised to breach $60 and maybe challenge $70, which would be justified given the macro conditions creating scarcity and demand."

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What could drive the price of gold and silver in 2026

The experts we consulted indicate that the prices of gold and silver will be driven by a combination of unique and overlapping factors. Not surprisingly, economic uncertainty and an aversion to risk are what drive many investors to the yellow metal. 

"The biggest driver for the gold price in 2026 is likely to be safe-haven demand," Clark notes. "Industrial demand supports the silver price, but research shows the biggest driver is investment demand," he explains.

For its part, silver could hit significant milestones next year. 

"Silver seems poised to breach $60 and maybe challenge $70, which would be the inflation-adjusted high from 2011," Elliott says. "For silver to advance that far and fast would be another amazing year, but justified given the macro conditions creating scarcity and demand."

That sentiment could steer both metals next year, Dinon Hughes, a financial consultant at Nvest Financial, says.

"I expect the price of both metals to be driven primarily by investor sentiment—either flight to safety or their desire to take risk," Hughes says, noting that silver could see an additional boost if adoption grows in newer technologies. 

"Silver may have more of a use case than gold in AI and chip manufacturing," he says.

Should you invest in gold or silver in 2026?

Determining which precious metals you might invest in for 2026 depends on weighing the factors that apply to any investment decision, namely your risk tolerance, time horizon and goals.

If you're uncertain about the economy and stock market, you may prefer gold's track record. 

"Gold is mankind's oldest form of money, so it should be a cornerstone asset of all portfolios," says Clark. "Gold performs better in recessions and stock market crashes, while silver struggles in those environments. That makes gold the steadier choice if you lean conservative or want something that can hold up when markets get choppy."

Clark notes that silver performs much differently from gold because of its smaller market size. 

"Silver is a smaller market and so it's much more volatile; it's a jet ski compared to gold's cargo ship, so investors must be prepared for the greater volatility," he says. 

On the other hand, you may want to explore investing in silver if you're comfortable with that volatility in exchange for potentially stronger gains. Silver is needed in many industries, particularly technology and manufacturing, so it may make sense for you if you expect demand in those areas to rise next year.

"A more conservative investor will probably lean towards gold, while someone who believes in silver's potential will probably find it more attractive," Elliott says.

The bottom line

Silver could outpace gold in 2026 if industrial demand remains strong, but gold may be the stronger option if investors move more to safety. Before choosing one metal over the other, think about your time horizon, goals and risk tolerance.

It's also important to consider the metal's place in your portfolio. "Gold and silver should only be owned as small pieces in a diversified portfolio," says Hughes. "Both have the potential to decline, or not move much at all for long periods of time." It's generally recommended to keep precious metals to no more than 5% or 10% of your portfolio.