UBS predicts silver prices will increase in 2025 due to lower U.S. real yields and increased global industrial production. However, silver's performance will likely lag behind gold's gains driven by central bank purchases.
UBS expects silver prices to climb in 2025, driven by lower U.S. real yields and stronger global industrial production. Despite this, silver faces challenges in matching gold's gains fueled by central bank purchases. Silver prices surged over 20% in 2024 but recently lost momentum due to higher U.S. yields, a strong dollar, and global growth concerns.
The metal hovers near its 200-day moving average, with speculative short positions growing and ETF holdings stabilizing after significant outflows earlier this year. Rising yields have acted as a drag, but a potential decline could benefit silver. UBS points out silver's high correlation with gold and its connection to industrial metals, highlighting its dual nature as both a precious and industrial metal. The current gold-silver ratio, near 88.4x, suggests silver could gain ground relative to gold. UBS believes a ratio above 90x is unsustainable unless a recession occurs. Although silver lacks central bank buying support, UBS argues that higher gold prices provide underlying support.
SILVER UBS GOLD INDUSTRIAL PRODUCTION INVESTING
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