---
title: "HSBC lifts silver forecast but warns of limited upside"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/286876463.md"
description: "HSBC has raised its average silver price forecast for 2026 to $75 per ounce but anticipates year-end prices to dip below current levels. The global silver deficit is expected to decrease from 143 million ounces in 2025 to 73 million in 2026, which may limit long-term price support. This outlook contrasts with UBS's bearish stance, indicating a divide among analysts regarding future market conditions."
datetime: "2026-05-19T08:13:18.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/286876463.md)
  - [en](https://longbridge.com/en/news/286876463.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/286876463.md)
---

# HSBC lifts silver forecast but warns of limited upside

Forecasts rise cautiously: HSBC increased average silver price estimates for 2026 to $75 per ounce but expects year-end prices to fall below current spot levels. Deficit shrinking fast: Global silver deficit is projected to narrow from 143 million ounces in 2025 to just 73 million in 2026, reducing long-term price support. Analyst split emerges: HSBC's outlook contrasts with UBS's bearish downgrade, highlighting uncertainty over whether macro strength or structural weakness will dominate.

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