Silver Price Forecast 2024: What Experts Say
With continuing worldwide economic uncertainty and troubled markets, eyes are starting towards silver as a secure investment for their wealth.
With its industrial use, silver is one of the most utilised precious metals. It also remains an ever-popular investment vehicle.
But what is the outlook for 2024? Here we break this down along with other industry experts.
As of July 31, 2023, silver was priced at £19.14 per ounce, as seen on our live silver price tracker, which equates to around $24.50/oz.
Silver plotted a turbulent path in 2022, with prices swinging between $22 and $26 per ounce for most of the year. Several factors played a part in this, including:
But silver also faced some challenges in 2022:
These factors provide us with the history needed to understand current prices. Using this, let’s move onto the 2024 forecast.
There are many variables that come with silver forecasts. After all a forecast is an opinion, and it’s expected that different experts use different methods.
For that reason, we’ve included a variety of forecasts along with our own. This provides the balanced perspective that’s essential when planning your investment.
In a poll byReutersin July 2023, traders and analysts gave predictions for the silver market. While the survey primarily focused on Gold, the implications for silver were clear.
Their silver price prediction is that the precious metal will cost $25 per ounce in 2024.
The feeling amongst those surveyed is that silver's growth may be slow without an interest rate cut from the Federal Reserve.
So, whilst they expect growth, it won't be substantial without specific market conditions.
In December 2021, Capital Economics published itsoutlook for precious metals in 2022 and beyond. It projected that silver prices would average $25 per ounce in 2022, $26 in 2023, and $27 in 2024.
They cite strong industrial demand as the main catalyst for silver growth. Secondary factors are low mine supply growth.
Much of the industrial growth for this model is in green technologies, such as solar and EV.
It's worth noting that this was a very long-term forecast, and extra caution should apply. To use this, be sure to pay attention to industry growth in line with their model.
In May 2021, leading cryptocurrency exchangeBTCC,published its silver price predictions.
Amongst its 5-year predictions, it forecasted that silver prices could range from $18 to $50 in 2024. This depends on the level of inflation, interest rates, US dollar strength, industrial demand, and investor sentiment.
It also noted that silver prices tend to follow a 7-year arc pattern, which suggests a potential peak in 2024. Their wide-ranging forecast reflects the uncertainty in predicting silver prices.
Physical Gold, are a leading UK-based dealer in precious metals. We regularly provide insight and sensible advice on gold and silver investment.
We predict that the silver prices will reach around $27 per ounce in 2024, though we’ll continually monitor the market closely and provide valuable guidance for investors. Silver has risen more than gold so far this year due to investors emerging from pandemic-driven safe-haven buying. We expect the Gold:Silver ratio to continue narrowing in 2024 as technology drives demand for industrial silver.
Our analysis considers supply and demand dynamics, macroeconomic trends, and geopolitical events. We also take into account other expert forecasts in our projection.
The beauty of our forecast is that we are always on hand to revise and answer questions – just get in touch.
In November 2021,Goldman Sachs published its outlook for asset allocation in 2023 and beyond.
The projection is that silver prices would average $27.50 per ounce in 2022, $28.50 in 2023, and $29.50 in 2024.
As is the common theme, strong industrial demand for green technology fuels the forecast. They also mention scarcity due to low mine supply growth.
In October 2021, Bank of America published its outlook for precious metals in 2022 and beyond.
It forecasted thatsilver prices would average $26 per ounce in 2022, $28 in 2023, and $30 in 2024.
Higher inflation, a weak US dollar, and high investor demand were the positive drivers.
This bullish prediction relies on very weak economic factors. If the market shows these signs at the beginning of Q4, then it’s worth paying attention to.
Like any other asset, silver investment comes with risks.
Much like the forecasts rely on downturns and surges in renewable growth, the reverse could happen to silver’s price if these don’t happen.
Understanding these risks is key to making a well-informed investment decision. Here are some markers to look out for:
Silver investors may face several risks in the coming years:
On the other hand, several opportunities could benefit silver investors:
The forecasts highlight that the industry could significantly contribute to Silver’s success. It isn’t as popular a hedge as gold, so the industry is the area to watch.
Use our automated portfolio builder and see just how far your investment can go.
Investors have several options to invest in silver to exploit its potential. Each method comes with its own set of advantages and considerations. Here are some of the most common ways to invest in silver:
Each investment has its advantages, but investing in physical silver is the right choice to leverage all the benefits of silver investment.
It comes with the benefits of other methods whilst providing you with a tangible asset of value. An actual store of value with potentially sizable untapped upside.
The silver price forecast for 2024 is not clear-cut, but most forecasts point to an increase. Based on the sources we have reviewed, we can conclude that: