Silver Chart Set

The UBS 2Q26 Silver Chart Set reports that silver is currently consolidating and remains expensive in real terms, with subdued investment positioning in ETFs and futures.

Key Takeaways

• 1.Silver is currently in a consolidation phase with no clear price trend recently.
• 2.The asset remains expensive on both an absolute and real terms basis, as well as relative to gold.
• 3.Investment demand via ETFs and futures positioning remains subdued, while options markets are pricing in less aggressive upside risk.

Table of Contents

• Silver: Performance and volatility – overview
• Silver: Performance relative and in real terms
• Silver: Investment positions – overview
• Silver: Option market bias – overview
• Silver: Silver prices and interest rates
• Precious metals: Silver – market balance
• Precious metals: Silver – demand considerations
• Precious metals: Silver – supply and demand considerations
• Global asset class preferences definitions
• Appendix
• Risk information

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