Silver supply outlook shifts to surplus by 2027, curbing earlier speculation of a triple‑digit rally; UBS now pegs prices at $80/Oz.
Annual deficit fell from 237 million oz in 2022 to 46 million oz this year, with 40 million oz reported in 2025, tightening the supply curve.
Demand has taken a hit—solar use in China slumped 30% last quarter, while industrial fabrication also retreated as firms swap pure silver for thinner contacts or silver‑plated copper.
On the supply side, mine output is climbing and the London Metal Exchange holds a record 914 million oz inventory, signalling ample physical availability.
Brokerages line up their price ranges: UBS $80/Oz, Commerzbank $95/Oz, JPMorgan sees current levels as next‑year average, with Citi, Deutsche Bank and HSBC projecting a tighter $65‑$75/Oz band.
For investors, the focus will be on the 2027 surplus expectation and whether the 2026‑21 peak recurs; upcoming data from major mining stocks and ETF flows will inform the next round of price action.