Silver Rises Over 120% YTD 
Silver is drawing attention. But investors watching only the price chart may be looking at the wrong data entirely. This update covers three developments: chart behavior that is historically unprecedented, a $135–$309 price forecast from Bank of America’s head of metals research, and a COMEX inventory drawdown that may be the most important signal in the silver market right now.
Has silver ever closed higher for 10 consecutive months?
Yes — and it just happened for the first time in silver’s recorded history. Between mid-2024 and March 2025, silver closed higher at month-end for 10 straight months, surpassing the previous record of 8 set during the 1970s bull market.
The previous record was 8 consecutive monthly higher closes, set near the end of the 1970s run. Before that, 6 was the record. The fact that this streak held through the January spike and subsequent sell-off makes it more notable, not less.
How many consecutive quarters has silver closed higher in 2024–2025?
Silver has posted a higher close for 5 consecutive quarters through Q1 2025 — something that has only occurred three other times in silver’s entire recorded history.
Those prior occurrences: twice during the 1970s bull market and once culminating in the 2011 peak. The all-time record is 9 consecutive quarterly higher closes, set heading into the 2011 high. At 5 quarters in, this run still has significant room before challenging that record — and Q2 2025 remains in play.
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Bank of America projects silver could reach $309 by end of 2026
Michael Widmer, head of metals research at Bank of America, recently projected silver could reach between $135 and $309 per ounce by end of 2026. With silver trading around $80 at time of publication, that represents a potential gain of roughly 70% to nearly 300%.
The forecast is underpinned by two structural factors: a supply deficit that has persisted for five consecutive years, and accelerating industrial demand. Key risks to the bull case include a broader recession, a stall in gold prices, or significant mining disruptions.
COMEX silver inventory has fallen by 200 million ounces since mid-2025
Since mid-2025, net withdrawals from COMEX depositories have totaled approximately 200 million ounces — a drawdown that appears steeper than any comparable period in the past decade, and potentially in COMEX history going back over 50 years.
For context: for most of the COMEX’s existence, total silver holdings never reached 200 million ounces. At the current pace, COMEX silver inventories could be exhausted by approximately mid-2027 — roughly 13 months from time of recording — absent a significant reversal in deposit activity.
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People Also Ask
How many consecutive months has silver closed higher in 2024–2025?
Silver closed higher at month-end for 10 consecutive months between mid-2024 and March 2025 — a record that has never occurred before in silver’s history, surpassing the previous record of 8 set during the 1970s bull market.
What is Bank of America’s silver price forecast for 2026?
Michael Widmer, head of metals research at Bank of America, projected silver could reach between $135 and $309 per ounce by end of 2026 — a potential gain of 70% to nearly 300% from current levels around $80.
Why is COMEX silver inventory dropping so fast?
Since mid-2025, approximately 200 million ounces of silver have been withdrawn from COMEX depositories — a pace steeper than any comparable period in the exchange’s 50-plus year history. At the current rate, stocks could be depleted by approximately mid-2027.
Is silver still in a bull market in 2025?
Multiple indicators suggest yes: 10 consecutive monthly higher closes through March 2025, 5 consecutive quarterly higher closes through Q1 2025, and a structural supply deficit now entering its sixth year.
What does COMEX silver inventory tell us about future silver prices?
COMEX warehouse stocks reflect real physical demand against available supply. A net withdrawal of 200 million ounces since mid-2025 at an historically unprecedented pace suggests physical demand is outstripping supply in a way that may not yet be fully reflected in spot price.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Past performance is not indicative of future results. Always consult a qualified financial advisor before making investment decisions.
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