In 2025, silver prices surged by 143%, reaching nearly $80 per ounce for the first time due to increased industrial and retail demand, particularly from solar panels and electric vehicles. Meanwhile, platinum prices also climbed, influenced by the EU’s decision to postpone a 2035 ban on internal combustion engine vehicles, sparking a rally to an all-time high of $2,471 per ounce in December.
Continued restrictions on silver exports from Beijing and declining ore grades from major producer Mexico are expected to maintain pressure on global inventories throughout 2026. BMI, a Fitch Solutions unit, predicts a persistent deficit in the global silver market driven by heightened investment demand, while noting that price volatility remains influenced by non-commercial speculators rather than central banks.
Platinum futures are currently trading above $2,000 per ounce, following a sharp 31% increase after the EU’s announcement. However, BMI analysts anticipate only moderate industrial demand growth for platinum in 2026, as higher recycling rates are expected to counteract reduced production from South African mines.
