All About Silver

December 11, 2025

Mish's Daily

By Mish Schneider

I recently sat down with Neils Christensen of Kitco News to discuss silver (and gold).

Today’s Daily speaks to why I see plenty more upside in 2026.

(Kitco News) - After hitting new highs above $63 an ounce, silver is the precious metal investors need to watch, and according to one analyst, there is still plenty of potential for the grey metal.

In a recent interview with Kitco News, Michele Schneider, Chief Market Strategist at MarketGauge, said that after getting out of gold and silver in October, she jumped back into the market when the gold/silver ratio was unable to hold above 80 points. She said that she re-entered the silver market at around $48 an ounce. At the same time, she has raised her stop loss as prices have made significant gains in the last month.

Looking ahead, Schneider said she remains significantly bullish on silver as the market continues to be driven by strong fundamental demand.

“It’s amazing that silver prices are not trading a lot higher right now,” she said. “Supply deficits have become a significant concern. Demand is only going to grow, but supply remains extremely limited.”

Schneider noted that silver has become a critical industrial metal due to the electrification of the global economy. She explained that tech companies are expected to spend $700 billion in capex as they build out the growing AI infrastructure; however, she added that that won’t happen if there isn’t enough silver.

Schneider also said that she sees silver as a value play in the precious metals market. Although silver prices have pushed solidly above $63 an ounce, she said it is still undervalued compared to gold.

The historical average of the gold/silver ratio is between 50 and 60 points, but Schneider noted that back in the 1970s, the ratio was trading around 20 points. In the current environment, Schneider said she could see the ratio bottoming out at 40 points.

“ Looking at the price of silver relative to the price of everything else, it is still pretty cheap,” she said. “The ratio can go a lot lower than it is right now and that means much higher silver prices.”

Ultimately, Schneider sees silver prices hitting $75 an ounce in 2026. She added that any consolidation or drop in price should be seen as a buying opportunity.

As to what will continue to drive silver’s current momentum, Schneider said she expects retail investment demand to remain strong.

On Wednesday, the Federal Reserve, as expected, cut interest rates by 25 basis points, bringing the Fed funds rate to a range between 3.50% and 3.75%. Although the central bank did not signal any aggressive measures for 2026, Schneider said she is expecting to see significantly looser monetary policy as the regime at the central bank changes.

“We don’t really know what to expect from the Fed next year, but we do know QT has ended, and on top of the $2 trillion in deficit spending, there is talk of more stimulus programs. We are seeing all this while grocery prices are up 30%,” she said. “At some point, we have to price in the risk of seeing hyperinflation. This provides solid support for hard assets like silver and gold.”

Schneider said that if inflation pressures continue to pick up, she would expect to see significantly lower real yields, which in turn will weigh on the U.S. dollar. She pointed out that the U.S. dollar index has already failed to break out above 100 points.

“It’s because of all these reasons why I can't help but be super bullish on gold and silver right now. I'm more silver than gold, because silver is still undervalued.”

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