Silver Outlook After the gold rush

Research evidence excerpt

Silver Outlook After the gold rush

14 May 2026

Silver Outlook CommoditiesPrecious Metals

After the gold rush Global

◆ After hitting record highs, silver corrected in February; may

ease further in 2H’26 as tightness recedes but will remain

highly volatile

◆ Industrial and jewelry demand falling; mine, scrap supply

growing; coin & bar demand may rise; gold may have less

price influence

◆ We raise our average price forecasts across the board to

USD75/oz in 2026 and USD68/oz in 2027; soft USD James Steel

supportive but narrowing production/consumption deficits do ChiefHSBCPreciousSecuritiesMetals(USA) AnalystInc.

not argue for rallies james.steel@us.hsbc.com +1 646 867 5600

Outlook: Silver hit a record high of USD121/oz on 29 January 2026, in league with

record-high gold, supply tightness, and tariff, geopolitical and economic concerns, all of

which fostered safe-haven buying. The Middle East conflict triggered a flood into the

USD, and high oil prices sparked concerns over tighter monetary policy as equites

slumped. This in turn sent silver tumbling along with gold to USD64/oz. The market has

since stabilized, but we believe further room to the upside is limited as silver remains

overvalued, in our view. Gold prices will likely remain influential, but we believe the

gold:silver ratio is likely to widen, allowing silver to ease even if gold rallies. Tightness in

the London market has eased with silver stocks shifting back from New York as tariff

concerns dissipate, although there is still room for tariff surprises. We view prices as

fundamentally overvalued, but they are closer to equilibrium levels than earlier in the

year. Industrial and jewelry demand will continue to weaken. Large bar demand should

rise based on institutional purchases.