---
title: "UBS trims silver outlook as 2026 supply deficit narrows"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/286488323.md"
description: "UBS has reduced its 2026 silver price outlook due to weaker photovoltaic demand, lower ETF holdings, and increased mine supply. The Silver Institute indicates that solar PV panels may consume up to 125M oz of silver in 2026, with industrial uses accounting for 60% of global demand. Despite near-term price pressures, miners like Avino Silver and Silvercorp reported strong earnings, demonstrating operational resilience."
datetime: "2026-05-15T01:09:18.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286488323.md)
  - [en](https://longbridge.com/en/news/286488323.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286488323.md)
---

# UBS trims silver outlook as 2026 supply deficit narrows

UBS turns cautious: UBS cut its 2026 silver price outlook, citing weaker photovoltaic demand, lower ETF holdings, and increased mine supply shrinking the deficit. Industrial uses expand: The Silver Institute reports solar PV panels could consume up to 125M oz in 2026, with industrial uses making up about 60% of global demand. Miners stay resilient: Companies like Avino Silver and Silvercorp posted strong earnings, showing operational strength even as silver prices face near-term pressure.

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