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Deutsche Bank expects silver surplus risk to emerge in 2027
Deutsche Bank projects silver spot could average $70.0 per ounce by Q2 2027, after a roughly 14% drop in 2026 to date.
Deutsche Bank warned that rising silver inventories and weaker industrial demand could lead to a supply glut as soon as 2027, according to Mining.com.
The bank said spot prices for silver could average $70.0 per ounce by the second quarter of 2027, which would still be below levels reached in the first half of 2026, Deutsche Bank metals analyst Daniel Ghali said.
Mining.com also noted that silver traded at $60.99 per ounce early Monday afternoon, with prices down about 14% since the start of 2026 and up about 26% versus a year ago.
The outlook marks a reversal from last October’s physical shortage, when tight availability in London drove borrowing costs to extreme levels, and concerns over supply plus geopolitical tensions and safe haven demand pushed silver above $120 per ounce at the start of 2026.
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