In the yearly study, there is no secret that the silver market can be incredibly volatile. From November 2022 to November 2023 alone, the white metal has seen price levels ranging from highs of US$26.06 per ounce to lows of US$19.99, analyses Melissa Pistilli- a metal market savvy at INN. Many investors are confused by the precious metal’s movement.
After all, silver is a safe-haven asset that generally fares well during turmoil, and recent times have been packed with tense geopolitical events, environmental disasters and economic uncertainty. While it’s trended up over the last 12 months, silver hasn’t been able to properly break US$26.
Unfortunately, answering the question, “When will silver go up?” is tricky. Even seasoned analysts can’t tell the future, and it’s difficult to find a consensus on the topic of when the metal could take off. Nevertheless, it’s definitely possible to track down different opinions on the topic. Market participants interested in investing in silver would do well to keep these ideas top of mind as they try to determine where the spot price may move.
Metals Focus anticipates another strong year for silver demand in 2023, and is calling for a deficit of 142.1 million ounces, driven in part by anticipated new all-time highs for industrial fabrication and historically high bar and coin demand.
However, these factors don’t mean that the silver price will never again reach its highest price of nearly US$50. If the metal continues to rise this year, reaching higher prices will become more plausible.
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