Silver bounced around a little but was relatively flat throughout 2023, so what is the silver market outlook in 2024?
We don’t encourage speculation, since anything can happen, but experts are expecting price strengthening and increases in demand in the year ahead.
What Happened With Silver in 2023?
Silver was at $23.96 per ounce at the beginning of 2023.
It hit a high of $26.06 in May, rebounding from the year low of $20.01 in March.
Overall, with a year-end closing price of $24.33, silver saw a 1.53% growth in 2023.
What are Experts Forecasting for Silver in 2024?
Because of industrial uses for silver, experts are forecasting higher demand, which can also lead to higher prices.
For example, silver is used in solar panels, electronics, electric vehicles, and medical applications. And ongoing tech advancements, along with the global push towards clean and renewable energy, are expected to significantly increase the amount of silver needed to keep up with the demand.
Most of the industry shares the expectation that silver prices will continue to rise to some degree in 2024.
Nasdaq published an opinion that silver could see a high of $34.43 in 2024, while J.P. Morgan forecasts an average of $30/oz for silver by the fourth quarter of 2024.
Allegiance Gold sums up 2024 predictions this way: silver supply to drop + silver demand to increase + lower interest rates + the possibility of more bank failures and war = higher silver prices in 2024.
What Does this Mean for You?
All signs point to silver remaining a good investment in 2024. This means it’s a good time to both buy and sell silver.
But as to what this means to you individually, it’s always best to seek professional financial advice before taking action. Simply call (909) 985-4653or click here for more ways to contact us.
FAQs
The price of silver is forecasted to trade around the median price of $24.85 per ounce during 2024, with highs at $34,70, according to analysts.
What is the demand for silver in 2024? ›
According to the Silver Institute's estimates in the 2024 WSS, the global silver deficit will rise by 17 percent to 215.3 million troy ounces in 2024 due to an expected 2-percent growth in demand—again led by robust industrial consumption—combined with a 1-percent decline in total supply.
What will silver be worth in 2025? ›
Analysts predict that the precious metal will continue its upward trend in 2025. Longforecast and Coin Price Forecast project the price to reach $40.71 – $55.87 per troy ounce. According to optimistic forecasts, the XAGUSD quotes may reach $53 – $56.
Will silver reach $100 an ounce? ›
Silver can rise to $100 /oz, this decade, under exceptional market conditions. The silver price will eventually rise to $100 /oz, but not in 2024 nor 2025. Silver will likely rise to $100 /oz where it will set a major top. This might happen in 2026-2027, certainly not 2024-2025.
Will silver go to $50 an ounce? ›
This article provides insights into the conditions for silver to hit $50. In sum, we do expect the big silver run to start in 2024 and move to $50 in two phases which will be reached either late 2024 or mid-2025.
What is the 5 year forecast for silver? ›
The platform sees silver rising to $40 by the end of December 2025, $58 by the end of 2026, and $122 during 2029. This is one of the most bullish Silver price prediction for the next 5 years.
Should I be buying silver right now? ›
Silver currently trades at about $25 per ounce compared to over $2,100 per ounce for gold (as of March 25, 2024), and the significantly lower pricing of silver makes it much easier for investors to build up a meaningful allocation over time without requiring as much upfront capital outlay.
What will 1 oz of silver be worth in 10 years? ›
10-Year Prediction
According to many long-term forecasts, the value of silver is expected to go above $70 per ounce in 10 years, and some even predict it will get close to $80 per ounce. However, this amount could increase. Most value increases are due to supply and demand based on past market prices and predictions.
Is silver going to skyrocket? ›
The silver price forecast is revised upward, anticipating silver to average $30/oz in 2024. A higher price of silver could drive investment in silver-backed ETFs. Supply deficit due to continued decline in silver mine production could support silver price.
How much will 1 oz of silver be worth in 2030? ›
Price per ounce
| Source | 2024 | 2030 |
|---|
| Pictet | $27 | * |
| Saxo Bank | $30 | * |
| Investing Cube | * | $50 |
| PricePrediction.net | $35.21 | $337.82 |
6 more rowsSilver continues its move higher, in line with our silver price forecast. While our first bullish target of $34.70 was almost hit, it looks like our second target of $48-$50 is now officially postponed to mid-2025 as per the silver chart setup of June 21st, 2024.
Will silver go up to $1 000? ›
Why $1000 per Ounce Silver is Unlikely to Occur. The price of silver is currently just over $30 per ounce. At its peak, silver was trading around $50 per ounce, so it would have to rise by 2/3 to reach the $50 mark. It would need to increase about 32x to reach $1,000 an ounce from today's numbers.
Will silver go up if the dollar crashes? ›
Impact of a Weakening Dollar on Silver Prices
When the dollar weakens, silver prices generally rise.
Is there a silver shortage in 2024? ›
Silver Prices Poised to Explode Amid Unprecedented Supply and Demand Imbalance. According to the recently released World Silver Survey – 2024 marks the fifth consecutive year of a Silver shortage – with this year in particular being one of the most intense on record.
How much can I sell 100 oz of silver? ›
Silver Bars Price Table
| Item | Per Item |
|---|
| 20 Ounce Silver Bar (99.9%) | 803.96 |
| 50 Ounce Silver Bar (99.9%) | 2,009.89 |
| 100 Ounce Silver Bar (99.9%) | 4,019.78 |
| 1000 Ounce Silver Bar (99.9%) | 39,368.99 |
6 more rowsThe Average Silver Allocation in a Portfolio
Many analysts recommend holding an average allocation of 5-10% in gold and silver. It's important to note that this is just a general guideline. Each investor has their own risk appetite and long-term goals so your ideal allocation may be different.
Is demand for silver increasing? ›
(Washington, D.C. – January 30, 2024) Global silver demand is forecast to reach 1.2 billion ounces in 2024, which, if achieved would be the second-highest level recorded.
What is the future potential of silver? ›
Bank of America remains bullish on silver prices, predicting an increase throughout the latter half of 2024 and into 2025. BofA Metal Strategist Michael Widmer sees the silver price rising to a 2026E average of $35/oz (vs. $29.28/oz spot).
What is the future silver rate? ›
Silver Rate in India for Last 10 Days
| Date | Silver /kg |
|---|
| Sep 12, 2024 | ₹ 86600.00 (+100) |
| Sep 11, 2024 | ₹ 86500.00 (+500) |
| Sep 10, 2024 | ₹ 86000.00 (+1,000) |
| Sep 9, 2024 | ₹ 85000.00 (+500) |
6 more rowsWe can rely on these data to suggest that in ten years, Silver can grow to a minimum of $150 an ounce from the current price of $20.75 an ounce. On the upside, it could reach up to $750 an ounce if the conditions are right. These are all highly realistic in the long term.
