Silver: Forecast cut but deficit supports upside – Commerzbank

Commerzbank’s Norman Liebke reports that Silver has fallen from USD 70 to USD 57.50 per troy ounce and that the bank has lowered its forecasts, now seeing USD 67 by year-end and USD 80 by end‑2027. Despite substitution in solar and Indian import curbs, persistent market deficits and an expected recovery are seen underpinning higher Silver prices ahead.

Deficits and Gold seen lifting Silver

"Nevertheless, the silver price is likely to continue rising in the coming months: According to forecasts by the Silver Institute and the research firm Metals Focus, the silver market was in a supply deficit for the fifth consecutive year last year."

"Another deficit is expected this year, as supply is projected to decline more sharply than demand."

"In addition to the fundamentals and the tight market, the rise in the gold price we anticipate is the main driver of the expected rise in the silver price."

"By year-end, we expect the price to reach USD 67 per troy ounce (previously: USD 80) and USD 80 by the end of 2027 (previously: USD 90)."