As of January 17, 2026 (latest close: Jan 16), spot silver is hovering around $90 per ounce, after briefly printing above $93 this week. The positive outlook can drive it beyond $100 in the short term and $150 beyond 12 months. But corrections in silver can be brutal. Put the move in context. For most of the early 2020s, silver largely chopped sideways: it ended 2021–2023 around $23–$24/oz, and finished 2024 near $29/oz. Then came the break-out: silver ended 2025 around $72/oz, and the LBMA described 2025 as a year that delivered a ~145% gain. Why the surge? Three forces are reinforcing each other: Macro tailwinds — softer inflation prints, rising rate-cut expectations, and a weaker USD are lifting precious metals. Geopolitics and safe-haven flows — investors are treating silver as a core macro asset, not a tactical trade. Real-world tightness + industrial pull — unlike gold, silver is consumed in the economy (electronics, solar, electrification). Persistent structural supply deficits amplify every demand shock. What to watch next (6–12 months): expect volatility to stay high. Banks are split: HSBC has projected a 2026 average around $68/oz, while warning prices can be “unsustainable” and swing widely. That gap between “average forecast” and “spot price” is your reminder: silver can correct sharply even inside a bull market. Key downside triggers: a materially stronger USD, a re-pricing of rate cuts, or demand “thrifting” (substitution/reduced silver intensity) in high-growth industrial uses. What to watch next (Beyond 12 months): For the longer term, silver's outlook remains predominantly positive, with structural factors

favoring sustained growth. Supply deficits are projected to deepen, with global demand exceeding mine output for multiple consecutive years, exacerbated by limited new mining projects. Industrial applications are expected to drive demand higher, potentially pushing prices well above current levels. Consensus among analysts leans toward year-end 2026 prices in the $70–$80 range, but aggressive forecasts based on technical analysis suggest possibilities of $150– $200, especially if macroeconomic risks intensify or a major short squeeze occurs given large bank positions equivalent to years of production. Our takeaway: silver is no longer just a precious-metals trade; it’s a signal about stress, energy transition, and supply-chain constraints. Track it the way you track oil and bond yields — not as a curiosity. Follow Know Your Commodity to keep up-to-date.