NEW YORK — Silver prices have shown resilience in 2026, trading around $32.50 per ounce in early June, as strong industrial demand from solar energy, electronics and electric vehicles supports the metal even as macroeconomic headwinds create uncertainty for investors deciding whether to buy or sell.

Silver's unique position as both a precious metal safe-haven and a critical industrial commodity makes its outlook more complex than gold's. While gold benefits primarily from monetary and geopolitical factors, silver's price is heavily influenced by manufacturing cycles, particularly in green technology sectors that are expanding rapidly.

Industrial demand accounts for more than half of annual silver consumption. The solar photovoltaic sector alone consumed record volumes in 2025 and is projected to grow further in 2026 as governments push renewable energy targets. Silver is essential in solar panel manufacturing due to its superior electrical conductivity. Similarly, demand from 5G infrastructure, semiconductors and electric vehicle components continues to rise, creating a structural tailwind that many analysts view as sustainable.

Supply constraints add to the bullish case. Mine production has struggled to keep pace with demand, with several major projects facing delays or higher costs. Recycling provides some offset, but primary supply growth remains limited. This imbalance has led several investment banks to forecast higher average prices for the remainder of 2026, with some targets reaching $35 to $40 per ounce in optimistic scenarios.

However, risks remain significant. A stronger U.S. dollar, driven by resilient economic data and cautious Federal Reserve policy, typically pressures........

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