The forecast of 5 major banks on the global price of silver in 2027

The price of silver has experienced extreme fluctuations in 2026, and now the world's major banks disagree about its next path. Some believe that investment demand and gold price growth can push silver to higher levels again. On the other hand, a group warns that the decrease in industrial demand and changes in monetary policies will prevent the continued growth of this metal [...]

In this report, we examine the latest credible forecasts from the world's five largest banks, including JP Morgan, UBS, Citigroup, Bank of America and HSBC.

Comparison of silver price forecast in 2027. Big banks have announced different goals for 2027. Of course, all these numbers are not directly comparable. Some have predicted the average price during the year and others expect silver to reach a price level at a certain point. At the time of writing this report, the price of silver fluctuates in the range of $57.

Bank forecast per ounce of silver for the time frame J.P. Morgan average $63.9 in 2027 UBS $80 September 2027 Citi likely to reach $95 in 2027 Bank of America (BofA) around $75 second quarter 2027 HSBC average $68 in 2027 GP Morgan; Sharp decrease in silver price forecast In the August 13, 2026 report, JP Morgan lowered its forecast for the average price of silver in 2027 from $85.8 to $63.9. This means that Bank of America has lowered its estimate by 26% in just a few months.

JP Morgan analysts believe that several factors can prevent the further growth of silver prices. On the one hand, the lack of silver supply in the market has decreased and on the other hand, its industrial demand is decreasing. The possibility of interest rate increase can also put more pressure on the price.

One of the bank's main concerns is the solar panel industry, as manufacturers are gradually using technologies that require less silver. Considering these conditions, JP Morgan predicts that the average price per ounce of silver will reach around $65 in the last quarter of 2027.

UBS; The prediction of silver rising to $80 by the Swiss bank UBS in the September 21, 2026 report has provided a more optimistic outlook. The bank expects silver prices to reach $70 by December 2026 and then rise to $75 in March and June 2027. UBS's next target is $80 for September 2027.

Dominic Schneider, strategist at UBS, believes that silver remains closely related to gold and increased investment demand along with industrial consumption could support the price. Of course, this bank has warned that a further increase in the US interest rate may hinder the growth of silver in the short term.

Citigroup; The scenario of silver rising to $95 Citigroup analysts in a report published in the Wall Street Journal on August 11, 2026, raised the possibility that the price of silver will reach $95 in 2027.

According to Citigroup analysts, the increase in investment demand and the possibility of a decrease in the US interest rate can provide the basis for further growth in the price of silver. However, this bank has also warned against the risk of falling prices and has estimated a 20% chance of silver falling to $50.

Therefore, Citigroup's $95 target is only one of the possible scenarios for 2027, and the bank's analysts believe that depending on the economic conditions and the demand situation, the price of silver can take a different path.

Bank of America; The possibility of silver returning to $75 in the May 2026 report of the Bank of America raised the possibility of the silver price reaching $100 in the last quarter of the same year, but warned against the durability of this growth.

Analysts of this bank, led by Michael Widmer, believe that the increase in the price of gold can also bring silver to higher levels, but the decrease in industrial demand may prevent the continuation of this trend.

Accordingly, Bank of America expects the price of silver to return to the $75 range in the second quarter of 2027. Simply put, the bank does not rule out the possibility of a price jump, but believes that silver may not be able to stay at very high levels for long.

HSBC; Increase in forecast Despite concerns about demand, HSBC raised its average silver price forecast in 2027 from $57 to $68 in its May 2026 report. The bank also expects the average silver price to reach $75 in 2026. The continued limitation of silver supply and the possible weakening of the dollar are the main reasons for this upward revision.

However, HSBC analysts believe that higher prices could increase production and recycling of silver and, in turn, reduce industrial demand and purchases of silver jewelry.

James Steel, the bank's senior precious metals analyst, predicts the silver supply deficit will shrink from 143 million ounces in 2025 to just 25 million ounces in 2027. According to him, the reduction of this deficit can prevent the strong and stable growth of the silver price.

Will silver rise in 2027?

The forecast of the five major banks shows that the future of silver in 2027 largely depends on the state of demand and the monetary policies of the United States. While UBS and Citigroup have set higher targets for silver, JP Morgan has cut its forecast sharply. Despite increasing its price estimate, HSBC also warns against a decrease in demand and growth in supply.

Overall, lower interest rates and increased investment demand could help silver growth, but falling industrial consumption and increased supply may hinder it. For this reason, rather than announcing a definitive upward trend, the banks' forecast indicates disagreement about the strength and sustainability of silver's growth in 2027.