HSBC’s Silver Forecast 2025: The Metal’s Make-or-Break Moment
Silver’s at a crossroads—will it shine or get left in gold’s dust?
The bullish case: Industrial demand soars while supply chains sputter. Green tech and solar panels guzzle silver faster than miners can dig it up.
The bear trap: Traders still treat silver like gold’s erratic kid brother—volatile, unpredictable, and prone to tantrums.
HSBC’s analysts see $30/oz by EOY… if the Fed doesn’t yank the rug out (again). Meanwhile, institutional investors keep stacking physical metal like doomsday preppers—just with better suits.
The kicker: Silver could moon… or become the next ‘strategic reserve’ asset banks hype while quietly shorting. Place your bets.
Silver Forecasts and Market Context
The bank lifted its 2025 forecast from $30.28, its 2026 projection from $26.95, and its 2027 estimate from $28.30, signaling an upward shift in expectations.
HSBC frames this change as linked more to silver’s correlation with gold, now trading at record levels, than to silver’s own fundamentals.
Gold climbed roughly 29% this year, reaching $3,500 per ounce in April amid geopolitical and trade tensions. Silver itself recently surpassed $35/oz, its highest level in over 13 years, crossing $35.82 per ounce on June 5, marking a 24% gain year-to-date.
RECOMMENDED: A Silver Price Prediction For 2025 2026 2027 – 2030
Silver Supply-Demand Dynamics and Drivers
HSBC projects a 206 million-ounce silver deficit for 2025, up from 167 million ounces in 2024, with the gap narrowing to 126 million ounces by 2026.
The bank expects industrial demand for silver to dip slightly this year after four years of record expansion but to rebound in 2026, particularly in photovoltaics and electronics.
Meanwhile, jewelry and silverware segments may weaken further due to elevated prices. Coin and bar demand, already strong, may ease following recent robust purchases. Silver mine production continues to grow slowly and seems unlikely to eliminate the deficit.
RELATED: Silver’s Surge: Outshining Gold in 2025
Conclusion
HSBC delivers a cautiously bullish stance on silver. The elevated forecasts reflect persistent structural deficits and gold’s influence as a safe-haven trigger rather than unique silver strength.
Going forward, changes in gold prices, U.S. dollar direction, and industrial demand gains will determine if silver’s momentum proves sustainable.
Stay Ahead of the Market – Get Premium Alerts Instantly
Join the original market-timing research service, delivering premium insights since 2017. Our alerts are powered by a proprietary 15‑indicator system refined over 15+ years of hands-on market experience. This is the same service that accurately guided investors through stock market corrections and precious metals rallies.
Here’s how we’re guiding our premium members (log in required):
- Must-See Secular Charts: Precious Metals Mining Breakout & More (Aug 9)
- The Monthly Silver Chart Looks Good + A Special Harmonic Setup On The EURUSD (Aug 2)
- A Trendless Summer for Precious Metals? (July 26)
- Spot Silver in EUR Closes at Highest Weekly Level Ever (July 19)
- Silver Breakout Confirmed Now, Check These Stunning Silver Charts (July 12)