A Sobering Reassessment
For years, my analysis of the silver market has been anchored by one unshakable pillar: explosive, relentless industrial demand. I’ve been among the most vocal proponents of a long-term bull case, publicly forecasting prices could reach $200 per ounce based on the insatiable appetite from solar panels, AI data centers, and electric vehicles [1]. As of this writing in March 2026, with silver at $80.36, that thesis appears more logical than ever on the surface. Yet, I am writing today to publicly recalibrate that forecast based on the war that Trump started… a war that’s destroying global industrial demand.
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