Their previous forecast bump came in August, in expecting silver prices to average $35.14 per ounce this year. That is already a marked revision higher from the forecast before that of $30.28 per ounce. But now, HSBC is seeing silver prices to average $38.05 per ounce with the year-end forecast target of $49 per ounce.Looking to next year, the firm forecasts silver prices to average $44.50 per ounce - up from the previous forecast of $33.96 per ounce. The year-end target for 2026 though is for silver to drop to $41.50 per ounce.That being said, HSBC is looking for an even higher high next year for silver in noting that: "The silver market stands on the cusp of the record high of nearly $50/oz set in May 2011, but is likely to surpass that level in the near-term. We look for a wide $45.00- 53.00/oz range for the remainder of 2025 and a wide $40.00-55.00/oz range next year."Before adding that the gold rally will continue to benefit silver prices heading into the year ahead: "Gains in gold attract ancillary buying in silver."It's an argument that they are doubling down on after their August note mentioned that: "The latest rally is due more to silver's relationship with gold than to underlying fundamentals."Further noting at the time that as gold pushes to fresh record highs, it is exerting a "strong gravitational pull" on silver prices as well. This article was written by Justin Low at investinglive.com.