TD Securities has raised its outlook for silver and platinum group metals (PGMs), citing anticipated supply deficits and an improved long-term market environment. The firm has upgraded its forecasts for both silver and PGMs over the next two quarters, as well as its long-term projections, attributing these changes to the expected strength in gold prices and an improving global economy [1].
According to TD Securities, both silver and platinum are likely to experience deficits due to persistently weak supply and increased demand. The report highlights that investor and industrial demand for these metals is expected to rise following the Persian Gulf conflict, further supporting the deficit outlook [1].
While the team acknowledges near-term correction risks similar to those facing gold, they maintain that the long-term outlook for silver and PGMs remains positive. The upgraded forecasts are driven by the combination of supply constraints and a favorable macroeconomic backdrop [1].
No specific price targets, dates, or quantitative deficit figures were provided in the report. Additionally, there were no explicit mentions of market reactions or analyst opinions beyond the TD Securities outlook [1].
CONCLUSION
TD Securities anticipates that silver and PGMs will move into supply deficits, supporting upgraded forecasts for these metals. The outlook is bolstered by expectations of stronger gold prices and increased post-conflict demand, despite short-term correction risks. Market participants may view this as a medium-term bullish signal for silver and PGMs.