Key Moments
- Silver has declined by more than 40% from its early-January all-time peak of about $120/oz to around $70/oz.
- Prices oscillated above $80/oz between Feb. 19 and March 13 before consolidating near $70/oz, which some analysts view as a new floor.
- The photovoltaic sector is expected to reduce silver usage in 2026 as manufacturers accelerate the shift toward high-copper metallization pastes.
Market Levels and Recent Price Action
Silver prices have dropped by more than 40% from early January, when they hit an all-time high of about $120 per ounce. Following that peak, the market experienced sharp volatility before moving into a more stable phase.
Between Feb. 19 and March 13, silver traded above $80/oz, fluctuating within that higher band. More recently, prices appear to have settled around $70/oz, suggesting a potential new support area for the metal.
“For the time being, silver prices seem to have found a new floor, supported by yesterday’s announcement of a pause in attacks on Iran,” Philip Newman, managing director of independent research consultancy Metals Focus told pv magazine.
Rally From Late 2025 to Record Highs in 2026
From mid-October 2025, silver embarked on a strong upward trend after breaking historic levels near $50/oz. The advance gained momentum into the end of the year, with prices moving quickly through November and December to roughly $70–75/oz. This move was described as one of the steepest late-year price increases in decades.
The uptrend accelerated further in early January 2026, when silver surged past its previous records to reach an all-time peak of about $120/oz. This phase was supported by speculative inflows, constrained supply conditions, and robust investment demand. After touching this record high, the market became volatile again but has since shown signs of greater stability compared to the January spike.
Price Timeline Overview
| Period | Price Level / Range | Context |
|---|---|---|
| Mid-October 2025 | Break above historic levels near $50/oz | Start of strong upward trajectory |
| November – December 2025 | Around $70–75/oz | One of the sharpest late-year increases in decades |
| Early January 2026 | About $120/oz (all-time peak) | Driven by speculative momentum, tight supply, and strong investment demand |
| Feb. 19 – March 13 | Above $80/oz | Period of oscillation after January’s spike |
| Recent levels | Around $70/oz | Prices appear to have stabilized; viewed as possible new floor |
Photovoltaic Sector and Shifting Silver Demand
Analysis published by the Silver Institute indicates that the photovoltaic industry is expected to use less silver in 2026. This shift comes as PV manufacturers operate in an environment marked by overcapacity, declining module prices, and compressed margins.
Silver paste currently represents more than 20% of total solar cell production costs. That cost share is prompting companies to seek alternatives, including new metallization technologies and approaches aimed at lowering silver consumption.
China-based metallization paste supplier DK Electronic Materials recently underscored this pivot, disclosing that a gigawatt-scale customer intends to deploy its high-copper paste in commercial production.
Emerging Preference for Copper-Based Metallization
According to Radovan Kopecek, the co-founder and director of German research institute the International Solar Energy Research Center Konstanz (ISC Konstanz), an immediate shift toward copper is both technically and economically viable. “Copper screen printing can be implemented quickly, and we have received many inquiries about it,” he told pv magazine last month.
Ning Song, from the University of New South Wales (UNSW) in Australia, noted that even if the use of high-copper paste leads to a modest efficiency decline, the associated cost savings could still be attractive for manufacturers. “That trade-off is acceptable if it does not introduce new reliability risks. Ultimately, the decision depends on how well the efficiency loss can be offset at the module and system level,” she told pv magazine.
Research published last September found the PV industry could account for 40% of global silver demand by 2030.
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