Deutsche Bank has reiterated a bullish outlook for silver, forecasting prices could reach $100 per ounce by year-end amid strengthening white metals performance. The investment bank's analyst Michael Hsueh noted that white metals have begun outperforming gold again, defying historical patterns where silver typically leads before a partial retracement.

Key technical indicators support the bullish case, with the gold-silver ratio falling to 57, below Deutsche Bank's longer-term assumption range of 60-65 for 2026-2027. The three-month silver risk reversal has climbed to its highest level of the year, reaching a new 20-year high, while Shanghai M1-M2 backwardation has resumed following the Lunar New Year holiday.

Hsueh said these signals present upside risk to the bank's year-end silver forecast of $100/oz, based on a gold-silver ratio of 60. The recent price moves fit within a broader pickup in precious metals, with white metals resuming outperformance even as previously elevated silver and platinum lease rates have eased.