HSBC Raises Silver Forecasts to $75/oz in 2026 and $68/oz in 2027
HSBC raised its silver price forecast to $75 per ounce for 2026 and $68 per ounce for 2027, up from $68.25 and $57, respectively. The bank projects global silver market deficits will narrow to 73 million ounces in 2026 and 25 million ounces in 2027, capping potential price gains.
1. Forecast Revisions
HSBC increased its average silver price forecast to $75 per ounce in 2026 from $68.25 and to $68 per ounce in 2027 from $57, reflecting recent price volatility and record highs reached in early 2026.
2. Market Deficit and Demand Outlook
The bank expects the silver market deficit to shrink from 143 million ounces in 2025 to 73 million ounces in 2026 and 25 million ounces in 2027, with industrial demand projected to fall from 657 million ounces in 2025 to 642 million ounces in 2026 and 618 million ounces in 2027 and jewellery demand easing to 157 million ounces in 2026.
3. Supply Projections
Mine production is forecast to remain steady at 848 million ounces in 2026 before rising to 868 million ounces in 2027, while recycling supply is expected to increase to 216 million ounces in 2026 from 197 million ounces in 2025, supporting market rebalancing.
4. Potential Price Support Factors
Expectations for a weaker U.S. dollar and ongoing geopolitical tensions could continue to buoy silver prices, though HSBC cautions that moderating deficits and softer demand are likely to limit sustained gains.