UBS, HSBC, and Macquarie collectively forecast a bullish outlook for silver’s future price trajectory.

UBS, HSBC, and Macquarie have recently adopted a cautious or bearish stance on silver’s outlook. UBS stated that silver prices have surged approximately 140% in 2025, significantly dampening downstream demand; HSBC views silver as “fundamentally overvalued,” with limited upside potential; Macquarie warned that the U.S. Federal Reserve may hike interest rates again in the first half of 2027, potentially pressuring precious metals such as silver. In terms of market performance, spot silver recently fell over 3.5%, to around USD 71.98 per troy ounce.