UBS analysts have turned bearish on silver. Despite ongoing price fluctuations, they expect limited upside for silver over the next 12 months. They attribute recent price volatility to geopolitical tensions but note that silver's failure to hold gains indicates its "limited value as a long-term hedge." The options market suggests an 80% probability of continued short-term volatility in silver prices. UBS forecasts that by March 2027, silver prices will stabilize around $85 per ounce and predicts a global supply gap of approximately 300 million ounces. Currently, silver is trading at $82.43 per ounce, below the January all-time high of $129.64.