Silver Market Alert: UBS Revises Outlook Sharply, Supply Gap to Shrink Dramatically Over Next Two Years, Price Trajectory Faces New Uncertainties

UBS has issued a major revision to its silver market outlook. The bank now forecasts the 2026 supply deficit will shrink sharply to 60-70 million ounces, down from 300 million previously, due to weaker investment, softer industrial demand, and rising mine supply. Consequently, UBS has cut its price targets across all time horizons.

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