UBS trims silver outlook as 2026 supply deficit narrows
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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.
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