Silver: UBS Adds Upside potential to $40 now

Says its 'The Cheaper Metal with the Sharper Edge'

UBS: Silver’s Strategic Positioning Strengthens Amid Macro Tailwinds

Overview: A Cheaper Metal with a Sharper Edge

UBS maintains a bullish outlook on silver, citing a 26% year-to-date rally driven by investors seeking alternatives to the U.S. dollar and relatively undervalued exposure in the precious metals space. The recent breakout above $34.60/oz has catalyzed momentum-based buying, while macroeconomic conditions—particularly interest rate expectations and currency weakness—provide a favorable backdrop.