<div id="readability-page-1">Forecasts move apart: HSBC boosted 2026 and 2027 silver price targets, while UBS slashed its outlook, reflecting starkly different views on supply and demand. Deficit debate: HSBC sees deficits narrowing but persisting, while UBS’s 80% cut to its deficit estimate shifts its view to a flat price outlook. Mining output surge: Record production from Americas Gold and Silver adds to supply, potentially pressuring prices despite structural clean energy demand.</div>

HSBC

USAS

<p>HSBC has raised its silver price forecasts for 2026 and 2027, while UBS has significantly reduced its outlook, indicating contrasting views on supply and demand. HSBC anticipates ongoing deficits, whereas UBS's drastic cut to its deficit estimate suggests a flat price outlook. Increased mining output from Americas Gold and Silver may further pressure prices despite ongoing clean energy demand.</p>

Americas Gold and Silver

UBS Group AG

Global X Silver Miner

SPDR S&P Mtls & Mng

Sprott Active Gold & Silver Miners ETF

HSBC Holdings plc ADRhedged

Pro Ultr Silver

Abrdn Silver ETF Trust

Sprott PHYs Silver

Sprott Silver Mnrs & Physical Silver ETF

iShares MSCI Global Silver Miners

iShares Silver Tr

HSBC HOLDINGS

HSBC 5xShortSG241213

HSBC Holdings Plc

HSBC lifts silver forecasts as UBS warns of slowdown