Stock Market 2025: The Numbers That Broke Records and What to Expect in 2026

The precious metals market experienced an extraordinary phenomenon in 2025, and silver was its undisputed protagonist. After surpassing the psychological barrier of $60 per ounce on December 9, the metal reached highs of $66.8, consolidating a streak of consecutive gains that had no precedent in decades. This explosive performance has generated unprecedented interest among both institutional and retail investors, making silver on the stock exchange one of the most discussed assets of the year.

From moderate margins to spectacular returns: how silver accumulated unprecedented gains

Silver started 2025 from contained levels, supported by the recovery of global industrial demand and expectations of easing monetary policy. However, what happened afterward exceeded all projections. During the second half, the metal experienced sustained acceleration that broke historical resistances and established new highs.

The figure speaks for itself: silver doubled its value over the year, outperforming gold by more than 60% and leaving behind most traditional stock indices. This advance is not due to isolated speculative movements but to the confluence of several structural factors: a persistent supply deficit, robust physical demand driven by technology and renewable energy sectors, as well as significant capital flows into growth-sensitive assets.

On the stock exchange, silver benefited especially from its dual nature: as a precious metal safe haven in times of uncertainty and as a fundamental industrial commodity for solar panels, advanced electronics, and emerging technologies.

What do major market players predict: institutional outlook for 2025-2026

Projections from global financial institutions paint a generally positive scenario for silver, though with nuances according to their respective macroeconomic views:

HSBC has revised its estimates upward, anticipating higher averages for 2025 and even higher levels in 2026, supported by persistent safe haven demand and strong correlations with other precious metals.

UBS projects that during 2026, silver could consolidate in ranges sustainably higher than previous years, supported by increasing industrial demand, continuous inflows into (ETF) funds, and a constrictive supply context.

Scotiabank maintains a more cautious but constructive approach, estimating sustained industrial recovery and persistent flows into silver-related products during both years.

Citi Research adds another perspective within the spectrum of forecasts, setting high targets that assume a balance between technical support, tangible physical demand, and global inventory dynamics.

Technical and fundamental analysis: what do the numbers say for 2026

Silver on the stock exchange faces 2026 with a technical outlook that combines structural strength with signs of consolidation.

From a technical analysis perspective, after recording historical highs above $60 per ounce and recently trading between $63-64, the metal has formed a clear bullish structure on medium-term charts. However, the proximity of critical psychological levels and the magnitude of accumulated gains temper short-term momentum, suggesting alternation between consolidation periods and attempts to break upward, rather than continuous explosive movements.

On the fundamental side, multiple pillars support the metal. Expectations of lower interest rates reduce the opportunity cost of holding silver; industrial demand remains firm, especially in solar energy, semiconductors, and advanced technological applications; and the perception of geopolitical and economic risk continues to channel capital into silver as a hedging instrument.

The year-end holiday period introduces an additional technical factor: reduced trading volumes typically generate oscillations within defined ranges rather than broad directional movements.

What continues to drive silver on the stock exchange?

The fact that silver doubled its price during 2025 is no coincidence but a reflection of genuine structural demand. The metal continues to be demanded for three simultaneous reasons: status as a safe haven asset, indispensable industrial use in clean technologies, and a relative scarcity of supply that has not kept pace with demand.

This scenario suggests that, although the pace of advance could moderate compared to 2025, interest in silver on the stock exchange will remain grounded on solid foundations during 2026.