Thu 08 Oct 2026 | 05:26 PM
Delegates at the London Bullion Market Association’s (LBMA) Global Precious Metals Conference forecast silver prices to reach approximately $94.70 per ounce over the next 12 months, supported by sustained industrial and investment demand, despite pressures prompting some industries to reduce their consumption.
According to a Kitco report published on October 6, the forecast represents an increase of nearly 55% from silver’s price of $61.23 per ounce at the time of publication. The findings reflect conference delegates’ views rather than an official price target adopted by the LBMA.
The report noted that silver was already trading above the $59.10 level forecast by delegates at last year’s conference, despite a substantial correction from its 2026 highs.
Participants explained that higher prices are encouraging solar cell manufacturers to reduce the amount of silver used in their products, although replacing the metal entirely remains difficult. Expanding artificial intelligence infrastructure, electric vehicles and broader electrification also support long-term demand.
On the investment side, dealers reported that strong buying and tight inventories during parts of the year made demand difficult to meet, indicating continued interest in physical silver. Nevertheless, the bullish outlook remains accompanied by the prospect of price volatility amid elevated interest rates and bond yields.
The conference survey differs from the LBMA’s annual analyst survey published at the beginning of 2026. In that survey, analysts forecast an average silver price of $79.57 per ounce for the full year, approximately 98% above the actual 2025 average.
The annual survey revealed considerable differences among analysts, with the lowest and highest projected prices across their forecasts spanning $42 to $165 per ounce. Bart Melek of TD Securities submitted the lowest annual average forecast, at $44.25, while Julia Du of ICBC Standard Bank provided the highest, at $125.
Analysts linked their positive outlook to persistent market deficits, constrained mine supply and demand from electronics and AI-related applications. Conversely, reduced industrial use, increased recycling and easing supply bottlenecks could limit upward price pressure.
The $79.57 figure represents a forecast for the average price throughout 2026, while the $94.70 figure reflects October conference delegates’ price expectations over the following 12 months. The different timeframes and measures should therefore be considered when comparing the two estimates.
Source：https://see.news/lbma-survey-forecasts-silver-to-reach-9470-within-12-months
