Quick overview

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Silver ended the week at $48.66 per ounce, down 0.92 percent on Friday after a tumultuous run that saw daily swings of more than 2 percent, but still slightly higher overall. UBS still views the correction as temporary and maintains its bullish target of $55/oz by mid-2026, despite silver’s retreat from its record highs of around $54.50/oz.

According to UBS, profit-taking by momentum-driven investors, not a shift in the metal’s outlook, was the reason behind the recent decline.

The bank went on to say that “silver prices should rise due to lower nominal and real interest rates, global debt concerns, USD devaluation, and expectations for a global growth recovery in 2026.”. To further bolster silver’s relative strength, the bank anticipates that the gold-to-silver ratio will narrow to approximately 76x, with the possibility of reaching 70x.

The Federal Reserve reduced rates by 25 basis points, shifting the benchmark range to 3.75 percent to 4.00 percent. This initially helped silver and other precious metals, but Chair Jerome Powell made no commitments to keep easing. Market odds for another cut by December dropped from 91 percent to 63 percent, boosting the U. S. bearish inputs for non-yielding assets, like driving up the dollar and Treasury yields.

According to UBS, “this backdrop should continue to support strong investment demand,” and ETF holdings are expected to rise above their all-time high of 1,021 million ounces.
UBS characterized the recent decline as “an opportunity to position for further upside,” stating that it projects a silver price of $55/oz by the end of June 2026 based on its forecast of $4,200/oz for gold and its assessment of the gold-silver ratio.