Swiss bank UBS (UBS) remains bullish on silver.
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Analysts at the lender say that the gray metal is likely to outperform its rival gold in 2026, with its price supported by tightening global supplies and rising investor demand amid growing macroeconomic uncertainty.
UBS also notes that silver benefits from being both a precious metal used to make jewelry and an industrial metal used in technologies ranging from smartphones to solar panels. Already in 2025, silver has outperformed gold, rising 85% through mid-October and hitting its first new all-time high since 1980. Gold is up a little more than 50% on the year.
Silver’s Upside Moves
While the analysts at UBS stop short of calling for a sustained stretch of silver leadership in 2026, they argue that the metal’s price is likely to continue marching higher due to tightening global supplies and market volatility that is driving investors into safe haven assets.
The UBS strategists also point out that silver’s traditional high-beta relationship with gold puts it in a position to outperform during periods of intense capital inflows into the metals sector. UBS expects silver to test $60 an ounce in the first half of next year. Silver is currently trading at $50.84 per ounce.
Is UBS Stock a Buy?
The stock of UBS has a consensus Hold rating among 12 Wall Street analysts. That rating is based on six Buy, three Hold, and three Sell recommendations issued in the last three months. The average UBS price target of $43.35 implies 13.48% upside from current levels.
