Swiss bank UBS Group (NYSE: $UBS) sees future upside in silver despite the recent price decline of the precious metal. 

In a note to clients, UBS reiterated its bull case for silver, saying that the grey metal should benefit from a favorable macroeconomic backdrop despite recent turbulence.

The upbeat outlook comes with silver’s price having been extremely volatile. 

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Currently at $69.05 U.S. an ounce, silver’s (TVC: $SILVER) price has declined 43% from an all-time high of $121.62 U.S. per ounce reached on Jan. 29 of this year. 

While UBS sees continued near-term headwinds for silver, it sees the metal benefitting from strong industrial demand in the long run.

Silver is both a precious and industrial metal. It is used to make jewellery and as an electrical conductor in technologies ranging from solar panels to laptop computers.

UBS expects silver’s price to continue tracking gold, with the gold-silver ratio around 70x over the next 12 months.