Silver prices to ‘languish between $50 and $100 for years’ - Bloomberg’s McGlone

Bloomberg Intelligence’s Mike McGlone says silver may be entering a long consolidation phase, warning prices could “languish between $50 and $100 for years” even as the market posts a sixth straight annual supply deficit. Spot silver was last at $78.69/oz, down 0.22% on the day, and McGlone argued the metal is struggling to sustain trade above the $80/oz resistance area after peaking above $120/oz in January. McGlone framed the move as a classic parabolic blow-off, noting silver’s rally since mid-2025 reached about 2.6x its 10-year moving average, similar to the 2011 spike. He said the current setup could shift the market from deficit-driven tightness toward a “low-price-cure phase,” with mean reversion risk back toward the 10-year average near $33/oz if the trend breaks. He also highlighted silver’s 180-day volatility at more than five times that of the S&P 500, the highest since 1980. The Silver Institute’s annual survey remains structurally supportive, projecting a 46.3 million oz deficit, but the demand mix is changing. Industrial demand is forecast to fall 3% this year, including a 19% drop in photovoltaic consumption, while investment demand is expected to rise 18%, helped by 30 tonnes of physical inflows into silver-backed ETPs. Near term, traders will watch whether silver can rebuild momentum above $80/oz or whether the January highs mark a cyclical top for now.