Silver could stage moments of outperformance against gold in the coming year, according to UBS, supported by tightening supply-demand conditions, rising investor interest, and a backdrop of elevated macro uncertainty.
UBS 2025 year-end target now sits at $53, and for 2026 the bank keeps a $55 call while expecting silver to potentially test $60 in the first half of the year.
The bank highlights that silver’s structural deficits remain a defining feature of the market. Tight inventories, shifting metal between regions, and metal being held in non-deliverable forms can intensify short-term dislocations, creating conditions for rapid price spikes when demand surges, UBS notes.
Alex Shishlo, Editor in Chief of the European Bureau, Rough&Polished
