Homrich & Berg says silver may benefit from precious, industrial demand mix after 2026 pullback

Correlation with copper sits about 0.22 points above its long-run average, while the silver-gold link remains structurally strong.

Persistent inflation concerns, structural deficits, de-dollarization themes, and an AI capex-driven industrial cycle are cited as key supports, with high volatility risk.

Homrich & Berg analysis dated Aug. 26, 2026 flags silver as a hybrid precious-industrial metal with a potentially constructive setup.

Silver hit a record USD 121.65/oz on Jan. 29, 2026, then fell more than 40% as investment positioning unwound.

About 57% of forecast 2026 demand is expected to come from industrial uses, increasing sensitivity to cyclical growth.