HSBC flags silver as fundamentally overvalued, warns volatility to continue in 2026
Silver entered 2026 following an unprecedented rally in 2025, during which prices surged to record highs above $80/oz before retracing amid extreme volatility. According to HSBC Global Investment Research, the rally was driven less by traditional industrial fundamentals and more by physical market tightness, investment demand, and macroeconomic uncertainty. While prices are assessed as fundamentally…
