UBS updated its precious-metals outlook and now expects silver to keep rising in 2026. The bank’s analysts say silver could reach $85 per ounce during Q1 2026 and note the metal may move into triple-digit territory later in the year. UBS links that bullish view to continued investment demand and a market they describe as already tight.
UBS Forecasts Silver to Reach Triple Digits in 2026
UBS projects silver at about $85 per ounce in Q1 2026 and explicitly allows for the possibility of triple-digit prices sometime in 2026. The report points to sustained investment demand as a core support for this outlook, and it highlights the same tailwinds that helped push silver higher in the prior year. For context on recent price behaviour, see why silver prices rose and how that momentum developed.
Gold Price Predictions by UBS
Alongside silver, UBS raised its gold target to $5,000 by the end of Q1 2026, underlining a broadly bullish stance for precious metals. The bank points to a narrowing gold–silver relationship as part of the case for larger silver gains, suggesting periods when silver outperforms gold could return. This comparison is meant to frame how shifts in demand between the two metals can affect relative price moves.
Market Factors Influencing Silver Prices
UBS’s report specifically cites recently introduced Chinese export restrictions as a factor that has "exacerbated fears of shortages in an already global tight silver market." The bank also notes other supply-side and demand-side dynamics discussed in the industry, including safe-haven buying linked to geopolitical developments and historic deficits that make new supply harder to produce. Commerzbank analysts are referenced in the same context, pointing to events that support stronger demand for safe-haven assets.
Other Analysts' Predictions
Beyond UBS, some commentators offer more aggressive targets for silver in 2026. Jim Rickards is quoted as saying silver could rise to $200 as banks accumulate assets perceived as hard to seize amid sanction risks, illustrating a markedly larger upside scenario. For a deeper look at Rickards’ outlook, see Jim Rickards’ prediction, and compare it with other industry forecasts such as those discussed by commentators like Robert Kiyosaki in related pieces.
Why this matters
If you run mining equipment in Russia, changes in the silver market mainly affect the resale value of any physical metal you hold or sell. A higher silver price increases the potential revenue from selling refined metal or coins, while sharp swings can complicate timing decisions for small holders and operations with modest inventory. Supply-side moves like export restrictions can tighten available bullion and influence global spot prices, even if they do not directly change how you operate your rigs.
What to do?
- Monitor spot silver and major forecasts regularly, including UBS and other analysts, to understand market sentiment and timing risks.
- Match any selling decisions to your operating costs: prioritise covering energy and maintenance before liquidating metal purely on headline price moves.
- Keep physical custody and paperwork in order if you hold bullion, and be mindful of local regulations for any exports or sales.
- Consider simple risk steps: stagger sales rather than selling everything at once, and avoid taking leverage based only on price forecasts.
- Maintain energy efficiency and equipment uptime to reduce cost pressure, since your margins matter more than headline metal prices.
Further reading
For more perspectives on market drivers and competing forecasts, see related analyses such as Kiyosaki’s silver forecast and the detailed discussion of Rickards’ view referenced above.
