UBS projects silver prices will climb to $36-$38 per ounce in 2025, driven by falling U.S. real yields and improving global industrial production. Despite headwinds like higher yields, a strong dollar, and speculative short positions, silver’s dual role as a precious and industrial metal remains a key strength. UBS also predicts a tighter gold-silver ratio, underscoring silver’s potential to outperform gold in a bullish commodities market.