UBS Holds Firm on Silver Price Target Amid Market Volatility

UBS has maintained its silver price target of $70 by December 2026, despite recent rate hikes and a firmer dollar. Strategists Wayne Gordon and Dominic Schnider have stuck to their original forecast of $75 by March and June 2027, and $80 by September 2027.

The bank's analysts see silver as a 'high-beta version of gold', meaning it moves more than gold due to its industrial demand component. However, the ratio between gold and silver has been compressing, with silver outperforming gold in each of the last six sessions.

This trend is not necessarily a result of UBS's forecast, but rather a market-driven phenomenon. The bank's earlier caution on silver was based on its own estimate of an 80% reduction in solar-sector silver demand for 2026, due to substitution away from silver.