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.
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) 985-4653 or click here for more ways to contact us.