Silver has hit a record high and it’s predicted it could go as high as $200 per ounce.
This is the word from Nigel Green CEO of deVere Group, as the metal silver breaks above $90 an ounce for the first time.
“Silver moving through $90 marks a decisive shift in market psychology. Investors are responding to a powerful combination of mounting political pressure on the US central bank, rising rate-cut expectations, escalating geopolitical tensions, and a pivotal US Supreme Court ruling on President Donald Trump’s tariffs expected today.”
The rally follows fresh US inflation figures showing price pressures easing, with headline consumer inflation close to 2.7% and core inflation near 2.6%.
At the same time, labour-market momentum shows signs of fatigue after the latest payrolls data undershot expectations, reinforcing expectations that monetary policy moves towards easing this year.
Markets now focus closely on the next Federal Open Market Committee meeting later this month as investors look for confirmation that policy direction aligns with cooling economic signals.
Green notes: “Lower rate expectations from the Fed, the world’s largest economy’s central bank, reduce the opportunity cost of holding silver, and capital flows follow that logic with speed and scale.”
Another powerful driver sits in the political sphere. Intensifying pressure on the Federal Reserve and public attacks on its leadership inject fresh uncertainty into monetary credibility.
“Investors see rising risk when central banking becomes a political battleground, and that uncertainty sends capital toward assets that operate outside policy reach.
“Confidence in monetary stewardship matters. When independence comes into question, investors turn to stores of value that stand apart from political influence. Silver gains in exactly those conditions.”
Geopolitics adds further fuel. Escalating tension involving Iran, for example, heightens anxiety across energy markets and global security channels, lifting volatility and driving renewed demand for safe-haven assets. Each flare-up in the region reinforces the appeal of precious metals as protection against sudden shocks.
According to Green: “Geopolitical pressure changes behaviour fast. Iran sits at the heart of global energy and security dynamics, and every escalation strengthens the case for assets that preserve value when stability looks fragile. Other flashpoints, of course, include Venezuela, Greenland, and China-Taiwan.”
Trade policy uncertainty also weighs heavily on sentiment. A US Supreme Court ruling due today on the legality of President Donald Trump’s tariffs carries real implications for global commerce, inflation expectations, and supply-chain costs.
“Tariffs shape prices, margins, and growth prospects across the world economy,” says Green. “When the legal and political path remains unclear, investors protect purchasing power, and silver becomes a natural destination for that demand.”
Beyond macro and politics, silver benefits from powerful real-economy fundamentals.
Electrification, renewable energy expansion, and advanced manufacturing continue to lift industrial demand at a pace that strains supply. Investment flows rise at the same time as physical usage expands, a rare combination in commodity markets.
“Silver stands apart because it carries both defensive appeal and industrial relevance. Few assets combine those qualities so effectively.”
Looking ahead, Green sees further upside from current levels.
“This rally has significant room to run. Structural demand, constrained supply, and a global investment climate shaped by policy uncertainty point to far higher prices.
“Our projection places silver at $200 per ounce by the end of this year, and that outlook reflects market dynamics already in motion.”
He adds: “Volatility comes with any major repricing, and sharp swings should be expected. Yet direction matters more than short-term noise.
“Fundamentals support higher levels, and investors recognize that precious metals once again play a strategic role in portfolio construction.”
Green concludes: “Silver’s surge reflects a shift in how markets price risk, policy, and protection.
“Investors are reacting to a world where monetary credibility faces pressure, geopolitical tension reshapes capital flows, and hard assets reclaim strategic relevance.
“The trajectory, we currently believe, points materially higher from here.”