The silver spot price has been on a rollercoaster ride over the past few years. In 2020, it fell to its lowest point in three years due to the global pandemic and economic crisis. However, it has since recovered and is now trading at around $20-$25 per ounce. With the global economy slowly recovering from the pandemic, many analysts are predicting that silver prices will continue to rise in 2023.
Inflation is one of the key factors that will impact silver prices in 2023. As inflation rises, investors tend to flock towards precious metals like gold and silver as a safe-haven asset. This increased demand for these metals drives up their prices. Additionally, industrial usage of silver is also expected to increase in 2023 due to its use in electronics, medical equipment, and other industries. This increased demand could further drive up silver prices.
Silver 5-Year Chart
Another factor that could influence silver prices in 2023 is the US dollar’s performance against other currencies. If the US dollar weakens against other currencies, this could lead to an increase in demand for commodities such as gold and silver as investors look for safe-haven assets outside of traditional currency markets.
Of course, there are always several factors that could affect the price of silver in 2023. Inflation rates, industrial usage of silver, and the performance of the US dollar against other currencies are all likely to have an impact on its price movements throughout the year. Despite some uncertainty surrounding these factors, many analysts are predicting that silver prices will continue to rise throughout 2023 due to increased demand from both investors and industry users alike.
Silver Price Prediction for 2023
- High – $29.5
- Low – $19.2
- Investing Haven predicts a bullish move to $34.70 USD in 2023, with an expectation of hitting $48 USD shortly thereafter, possibly in 2024.
- Another forecast from Gov Capital suggests an average price of silver closing out 2023 at around $23.48.
- The financial website Certified Gold Exchange forecasts silver prices will rise to $34.70 per ounce in 2023, with $48 silver expected shortly thereafter.
- Trading Education projects the price for Silver at the end of 2023 to be $31.95.
Please note that these are just predictions and actual prices can vary based on a multitude of factors including market conditions, economic factors, and global events. Always consult with a financial advisor before making investment decisions.
- Lucy Walker is a journalist that covers finance, health and beauty since 2014. She has been writing for various online publications.
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