Waiting for Demand to Return

UBS maintains a neutral USD 80/oz forecast for silver, noting that high prices are starting to weigh on industrial and jewelry demand. The analysts recommend volatility-selling strategies over direct long positions as price consolidation continues.

Key Takeaways

• 1.Silver prices have entered a consolidation phase, trading sideways in a USD 70-90/oz range due to geopolitical uncertainty and inflation concerns.
• 2.The price forecast for silver is held stable at USD 80/oz across all time horizons through June 2027.
• 3.High silver prices are dampening demand in key sectors including jewelry, silverware, and photovoltaics (solar).

Table of Contents

• CIO View: Silver
• Silver prices are consolidating amid heightened uncertainty
• Appendix
• Risk information
• Generic investment research – Risk information

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