Silver (XAG) Forecast: Silver Rally Accelerates — $75 in Play If $70 Goes Bid

Silver Charges Toward $70 as Traders Lean Into the Story

Spot silver ripped higher on Monday, tagging a fresh record at $69.46 and keeping the momentum firmly with the buyers. At this stage, the usual guardrails — the swing low at $60.80 and the 52-week average at $54.12 — aren’t doing much for active traders. The market is simply too stretched for those levels to matter today. The focus is on the round-number magnet at $70, and if that goes bid, $75 opens up fast, especially with silver running more than 1% a day on average.

At 11:41, XAGUSD is trading $69.11, up $1.94 or +2.89%.

Rate-Cut Bets Keep Feeding the Bid

The rate story is doing a lot of the heavy lifting. Fed Governor Stephen Miran doubled down Friday on the need for deeper cuts, arguing inflation has cooled and the job market needs support. He even dissented at the last meeting in favor of a 50 bp cut. When one of the Fed’s strongest doves says policy is too tight, traders listen — and they buy real assets.

Lower rates don’t just help gold; they pull silver along with even more torque. Non-yielders catch a bid when carry costs fall, and silver’s already-hot tape just gets more fuel. Gold’s break above $4,400 confirms the broader appetite for hard assets, but silver is still the one outpacing everything else.

Investors Want Commodity Exposure

There’s also a bigger rotation underway: copper is at record highs, and that’s telling you investors want broad commodities, not just precious metals. Some of that is positioning for stickier inflation. Some is the flow toward real assets while rate expectations turn more supportive. But silver sits right at the intersection of these themes — part monetary metal, part industrial workhorse.

And the fundamentals back it up. Silver is up 138% year-to-date thanks to a persistent supply deficit, rising industrial demand, and solid investment inflows. Even without the geopolitical noise, that’s the kind of setup traders chase.

Geopolitics Turn the Heat Up

Safe-haven buying is now pulling its weight too. The market didn’t ignore President Trump’s reported use of the word “war” regarding Venezuela. That landed hard because it clashed with his earlier messaging around “peace.” Add vessel seizures, tighter pressure on Venezuelan exports, and traders suddenly treating Latin America risk as more than background noise.

Layer in fading optimism on Ukraine talks, and the market’s looking for protection again. Gold’s jump shows it. Silver’s acceleration shows it even more.

Outlook: Buyers Still in Control

Momentum is self-reinforcing here, and unless rate expectations cool off or geopolitical tensions ease, silver still wants higher levels. A clean bid through $70 likely drags in another wave of momentum buyers, putting $75 in view. Sellers may try to lean on that psychological ceiling, but right now, the market isn’t giving them much to work with.

More Information in our Economic Calendar.