Why it matters now: Silver continues to track gold’s strength, with large banks lifting price decks on the back of bullion’s record run and persistent macro uncertainty.

HSBC raised its 2025–2027 silver outlook to an average $35.1/oz in 2025 (from $30.3) and $34.0/oz in 2026, noting the rally is “due more to silver’s relationship with gold than underlying fundamentals.” In India, where retail investment demand is influential, silver has outperformed gold over the last three months, up ~21% vs. gold’s ~5% rise. Reuters+1

That linkage matters because industrial indicators (solar, electronics) are mixed, while monetary factors dominate near‑term. With the dollar easing on soft CPI and Fed cut odds rising, silver’s beta to gold remains in play. Reuters

Company/asset detail: Primary producers (e.g., Pan American, First Majestic) and gold miners with material silver by‑product exposure can benefit. Integrated refiners and solar supply chain players stand to gain if PV demand re‑accelerates into 2026.

Investor angle: Silver’s volatility cuts both ways. For metals exposure with higher torque than gold, consider staged entries; for lower risk, look to diversified producers where silver is a margin enhancer rather than the whole story.

What to watch: Fed path (September cut odds), PV installation trends into year‑end, and coin/bar premiums in key retail markets (India, U.S.).