UBS resets silver price target for rest of 2026
Key takeaways
- UBS resets silver price target for rest of 2026 Hillary Remy Sat, May 16, 2026 at 11:17 PM GMT+7 5 min read UBS SI=F Silver hit an all-time high of $121.64 on January 29.
- It is an 80% cut to the bank's supply deficit estimate, and it changes the fundamental argument for holding silver through the rest of 2026.
- It is an 80% reduction in the scarcity story that has supported silver's rally for the past several years.
UBS resets silver price target for rest of 2026 Hillary Remy Sat, May 16, 2026 at 11:17 PM GMT+7 5 min read UBS SI=F Silver hit an all-time high of $121.64 on January 29. By May 14, it was trading at $84, having briefly cleared $87 the day before on US-China tariff optimism before April CPI data pulled it back. On the same day it fell below $85, UBS published a note that explains why the easy part of the silver trade may already be over.
The revision is not a minor trim. It is an 80% cut to the bank's supply deficit estimate, and it changes the fundamental argument for holding silver through the rest of 2026.
UBS analysts Wayne Gordon and Dominic Schnider published their revised silver outlook on May 14, cutting the bank's estimate of the 2026 global supply deficit from approximately 300 million ounces to 60 to 70 million ounces, according to Seeking Alpha. That is not a marginal revision. It is an 80% reduction in the scarcity story that has supported silver's rally for the past several years.