Why Silver Could Push Back Into The $80s
- admin_ftp@b2544fd367
- August 11, 2026
- news
- 0 Comments
The price of Silver could extend its recovery into 2027, with RBC’s Fresnillo model assuming $77.48/oz in 2026 and $83.13/oz next year.
The Silver price (in US Dollars) has staged a sharp August rebound, climbing back above $65 after spending much of July below $60.
RBC’s latest Fresnillo model points to a much stronger second half, with the bank saying: “We expect gold and silver prices to increase by +14% and +22% in the second half of the year.”
Its operating assumptions put silver at an average $77.48 an ounce in 2026, rising to $83.13 in 2027, before easing slightly to $80 in 2028.
Those figures sit well above current spot around $65.81 and imply that RBC still sees room for a sizeable recovery even after the latest rally.
Silver has risen around 10% over the past month, with XAG/USD rebounding sharply from July’s low near $54.78.
The silver assumptions form part of RBC’s updated Fresnillo valuation work rather than a standalone commodity strategy note, but they are nonetheless important because they feed directly into the miner’s earnings and cash-flow forecasts.
The bank expects the stronger metals backdrop to translate into much healthier cash generation.
“This would result in a net cash balance of $2.2bn by the end of the year,” RBC said.
“With no material growth capex expected until at least 2028, this should leave the group well set up to pay specials at year-end.”
RBC forecasts silver production of 44.7 million ounces in 2026 and 45.5 million ounces in 2027, while its all-in cost assumption rises from $31.51 per silver-equivalent ounce this year to $34.00 next year.
Silver Price Outlook: $83 Assumption Keeps Upside Case Alive
The latest price action has already improved materially.
XAG/USD is back above its 20-day moving average and is approaching its 50-day average after a bruising first half of the year.
The Silver price remains down around 7.7% in 2026 despite the latest rebound, having traded above $120 during January.
RBC’s model does not suggest a return to those extraordinary early-year highs. Instead, it points to a steadier normalisation towards the high-$70s this year and low-$80s next year.
That is still a bullish assumption from current levels, and one that underpins RBC’s expectation for stronger Fresnillo cash generation through 2027.