Where is the silver price headed in 2024? And what are the factors that could influence silver’s price in the coming years?
We’ve compiled silver price predictions from numerous analysts, both inside and outside the precious metals industry. We’ll share those with you, then look at the three primary factors to predict its price, and finally our predictions for 2024 and beyond.
This will be fun, so let’s jump in!
On December 30, 2022, silver closed the year at $23.86 per ounce. One year later, and silver is nearly identical, closing the year at $23.85 per ounce.
So, what can silver investors expect in 2024?
| 2024 Silver Price Prediction
|$34.70 – $48.00 in 2024
|$30 in 2024
|$30 in 2024
|$30 in 2024
|Heraeus Precious Metals
|$22 – $29 in 2024
|$500 by end of 2024
“The price of silver will move to our first bullish target in 2024 which is $34.70. We predict $48 to be hit either by mid-2024 or mid-2025.”
“The Fed cutting cycle and falling U.S. real yields are expected to push gold prices to new nominal highs in the middle of 2024, reaching an average of $2,175/oz by the fourth quarter. In the same vein, silver prices will likely follow gold, averaging around $30/oz in the fourth quarter.”
“We remain convinced that the Silver price has upside potential and should also make up ground versus Gold. We are forecasting a price increase to $30 by the end of 2024, which would bring the Gold/Silver ratio down to 72.”
“Citigroup analysts foresee a significant increase in silver’s value, potentially hitting $30 per unit within the next 6-12 months, according to the multinational bank’s latest silver assessment.”
Heraeus Precious Metals
“Heraeus also expects the price of silver to rise next year, but not as well as gold. Lower interest rates and a subsequently weaker US dollar should support the silver price. However, interest rate cuts usually indicate an ailing economy. Nevertheless, we expect demand for photovoltaics to remain high, particularly from China, but this alone will not be enough to offset the falling demand from the rest of the industry due to economic weakness. In addition, investors will react to the expected turnaround in interest rates by buying silver, as they did gold. Heraeus anticipates a price range of between 22 and 29 dollars per troy ounce.”
“Giant crash coming. Depression possible. Fed forced to print billions in fake money. By 2025 gold at $5,000 silver at $500 and Bitcoin at $500,000. Why? Because faith in US dollar, fake money, will be destroyed. Gold & Silver Gods money. Bitcoin people’s $. Take care.”
Not only does silver have significant monetary importance, but it also stands out as an industrial metal with a wide range of applications. Silver's presence in jewelry, silverware, and various other objects is notable, but its pricing dynamics are largely influenced by two main factors: industrial demand and investment demand.
Silver’s Industrial Demand
Silver's unique chemical composition makes it an outstanding electrical and thermal conductor, surpassing other metals in efficiency and effectiveness.
Electric vehicles use almost twice as much silver as internal combustion engines... plus solar panel installations, and the 5G/mobile phone technology sector, all heavily rely on silver.
The Silver Institute reported that industrial demand in 2023 hit a new all-time high... “Silver Industrial demand is expected to grow 8% to a record 632 million ounces (Moz) this year.”
This growing demand for green infrastructure, driven by government initiatives and environmental concerns, is a significant factor propelling silver's industrial demand upward.
Silver’s Investment Demand
Investment demand for silver is characterized by its volatility, with significant fluctuations each year. This aspect of silver demand plays a pivotal role in determining its price. Investment vehicles such as Exchange-Traded Funds (ETFs), which are popular among funds and institutions, heavily influence silver's market value.
If inflation continues to scare investors in 2024, precious metals like gold and silver could benefit.
While silver’s performance in 2023 might have seemed underwhelming, especially compared to gold’s upward trend, this is a familiar pattern to seasoned investors.
Historically, silver tends to start slowing in bull markets, often lagging behind gold. Silver often starts quietly in bull markets, only to catch up and eventually outpace gold, as you can see in the chart below.
Given the risks currently surrounding the global economy, silver could stand out as a potential low-cost safe haven for investors who are seeking stability. Its attractive price point compared to gold also makes it appealing, as more investors can afford it.
Silver’s many uses, both for green energy and investment demand, make it an attractive asset in 2024.
As GoldSilver Founder Mike Maloney points out, the only way he’ll be wrong about gold and silver is if they stop printing, which isn’t likely to happen anytime soon.
Austerity is completely off the radar in the world we live in right now. This is a built-in catalyst for higher gold prices.
Recently, Mike Maloney has said that he sees silver reaching $100 in the coming years... I Absolutely Believe That Triple-Digit Silver is Baked Into The Cake.