UBS has raised its silver price forecasts, projecting the metal to reach $34 per ounce by the end of September, $36 by the end of 2024, and $38 by June 2025, driven by strong industrial demand and potential undersupply. Despite a recent price pullback, UBS anticipates continued silver outperformance, with industrial demand, particularly from the photovoltaic sector, rising significantly. Supply challenges, including mine shutdowns in Peru, are expected to contribute to a market shortfall, supporting higher prices.