Deutsche Bank Projects Silver Market Surplus by 2027 as Industrial Solar Demand Drops

Silver trades near 60.80 as technical levels between 58.68 and 62.30 face upcoming Federal Reserve policy cues, while physical supply deficits rapidly narrow. Deutsche Bank projects the silver market may transition to a surplus by 2027, forecasting spot prices to average $70 per ounce by Q2 2027. The shift follows rising London vault inventories, which surpassed 914 million ounces in late August 2026, with freely available stocks jumping 70% above 300 million ounces since October 2025. Industrial demand is also easing, as solar silver consumption drops over 20% in 2026.