Deutsche Bank says silver's market could flip from shortage to surplus as early as 2027 — and analyst Daniel Ghali expects prices to average around $70 an ounce in the second quarter of that year.
London's readily available vault stocks have jumped about 70% since October 2025, topping 914 million ounces at the end of August, while solar manufacturers cut silver use per cell by 17% in 2026. With physical scarcity easing, the bank argues investment demand — not stockpiles — will decide silver's next move.
