Silver price targets lowered due to reduced supply deficit
Silver prices have fallen from an all-time high of $121.64 to $84. UBS has cut its estimate of the 2026 global supply deficit from 300 million ounces to 60-70 million ounces.
This reduction is driven by three demand headwinds. The bank’s end-second-quarter 2026 target was lowered from $100 to $85, and the year-end target from $85 to $80.
The revised outlook suggests that silver will trade broadly sideways for the remainder of the year. Other price targets were also cut, including the end-September target from $95 to $85, and the March 2027 forecast from $85 to $75.
The reduction in supply deficit estimate changes the fundamental argument for holding silver through the rest of 2026.