TechFlow reports that on May 28, UBS, HSBC, and Macquarie recently adopted cautious or bearish stances on silver’s outlook.
UBS stated that silver prices have surged approximately 140% year-to-date in 2025, significantly dampening downstream demand; HSBC views silver as “fundamentally overvalued,” with limited upside potential; Macquarie warned that the Federal Reserve may hike interest rates again in the first half of 2027, potentially pressuring precious metals such as silver.
Market-wise, spot silver recently fell over 3.5%, to approximately $71.98 per troy ounce.
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