How Much Will Silver Be In 2024?

What will the price of Silver be in 2024?

Silver has a complex profile reacting to both economic conditions and industrial fundamentals. This mix of drivers makes forecasting Silver's future path challenging. Nevertheless, below we highlight some key factors that could determine its trajectory in 2024.

Technical analysis perspective

Technicians studying the Silver price charts see the metal trading within a triangle consolidation pattern in early 2024, indicating balanced sentiment and directional uncertainty in the near term.

Technical analysis shows that there is no pronounced price trend in the silver market

A decisive breakout above the ~$25 resistance point could imply a move towards $33. At the same time, a drop below ~$21 support could trigger a fall to around $17.50, as the pattern dictates. The range-bound price action between these levels is likely until a clear trend emerges.

While chart analysis has its limitations, it serves as an instrumental tool for scrutinizing risk/reward scenarios and for strategizing timings. Nevertheless, the critical factors previously mentioned will surely influence the resolution of the triangle pattern. An attitude of deliberation and attentive examination is essential.

Economic trends

Like gold, Silver acts as an inflation and uncertainty hedge. When GDP growth stalls, currencies weaken, or recession hits, investors often park money in precious metals for safety. In 2024, looming recession worries or extended inflation could kindle interest in Silver as a store of value if growth prospects dim. Mainstream assets like stocks become less appealing in such environments.

However, Silver also benefits from periods of solid expansion and optimism. The 2010s boom years following the Great Recession saw Silver rise thanks to robust industrial demand. Too much recession fear could thus become self-fulfilling by undermining broader markets that support Silver.

Monetary policy

Central bank moves likewise significantly sway precious metals markets. When the Federal Reserve raises interest rates, a stronger dol

But if global growth slows in 2024, markets expect the Fed to cut rates, potentially weakening the dollar. This could refuel investment in inflation hedges. The exact pace and magnitude of Fed tightening or easing will shape sentiment.

Industrial demand

While sensitive to economic swings, roughly half of Silver demand comes from industrial uses, including electronics, solar panels, autos, and medicine. Growing adoption of technologies utilizing Silver feeds through into higher prices.

Most analysts remain bullish on Silver's industrial demand trajectory based on the increased use of technologies like 5G, EVs, IoT devices, and photovoltaics. However, periodic manufacturing slumps or supply chain issues could intermittently affect near-term demand.

Investment demand

According to the Silver Institute, silver supply (through mining and refining) has increased for 3 years in a row to 1,024.9 million ounces in 2023. However, demand (including from precious metals investors) exceeds supply at 1,167 million ounces. Thus, this imbalance could be an argument in favor of bullish sentiment in the silver market in 2024.

Geopolitical tensions

Political conflicts and their economic consequences often affect the price of precious metals. The price of silver rose sharply on news of a Russian attack on Ukraine in February 2022, and silver also rose in October 2023 on news of Israeli shelling.

While the geopolitical landscape is overly complex and poorly predictable, it is conceivable that the emergence of new hotspots on the planet in 2024 will be a bullish driver for the silver market.

Mining supply and recycling frequency

Supply comes from mining and recycled scrap silver. If there's a shortage or disruption in supply, prices could go up to the limit. But higher prices can also make mining companies and individuals more willing to sell.

If there's a big disruption in supply in 2024, the market could get tighter, especially if demand stays strong. However, the expected supply seems enough unless there are unforeseen issues. Also, as the economy grows, more Silver gets recycled and put back into use.

Best brokers to trade silver

1

9.4/10

Go to broker

eToro is a multi-asset investment platform. The value of your investments may go up or down. Your capital is at risk. Don’t invest unless you’re prepared to lose all the money you invest.

Minimum deposit:

$50, $100 (for UK clients)

Bonus for deposit:

0%

Regulation:

CySEC, FCA, ASIC

Review

The eToro broker was founded in 2007. The company promotes itself as a social trading platform working with traders from over 140 countries. The broker has several divisions operating under different jurisdictions and licensed by different regulators. For example, eToro (Europe) is licensed by the Cypriot regulator CySEC (109/10) and eToro (UK) is licensed by the British regulator FCA (583263). The broker also has a representative office in Australia and the USA. eToro Profile Details

Pros/Cons

•the minimum transaction amount for copying is $1;

•handy functionality for passive investing;

•regulated by independent monitors;

•it is possible to purchase contracts for fractional shares (that is, to invest amounts less than the cost of one share);

•it is possible to buy shares at once (not CFDs) on the US stock exchanges.

•high spreads;

•periodic technical failures in order execution;

•lack of the most popular platforms such as MetaTrader 4 and MetaTrader 5 in Europe and the CIS;

•no access to ECN systems, orders are processed only according to the STP (straight-through processing) scheme with access to specific liquidity providers;

•there is a commission for withdrawing funds;

•impolite support staff;

•inconvenient website.

Study Review

2

9.2/10

Go to broker

Your capital is at risk.

Minimum deposit:

No minimum

Bonus for deposit:

0%

Regulation:

FSC (BVI), ASIC, IIROC, FCA, CFTC, NFA

Review

The name OANDA is an acronym for “Olsen & Associates” or “Olsen AND Associates”. It is registered in the United States and provides its clients with a wide range of financial services in most countries of the world. The company was founded in 1996 and is currently regulated in four jurisdictions. The main regulator of the broker is the UK Financial Conduct Authority (FCA). Oanda Canada is licensed by IIROC. The company has several significant awards to its credit, including a victory in the category "Best Forex Trading Technologies" from the UK Forex Awards, "Best Trading Platform" from FX Week, as well as "Best Customer Service" from the US Foreign Exchange Report.

Pros/Cons

•Minimum deposit from 1 dollar.

•A large selection of the most popular trading instruments.

•Several reliable and reputable financial regulators.

•Inconvenient and poorly functioning site.

•Lack of cent accounts.

•Lack of bonus programs.

Study Review

What are the forecasts for the price of Silver 2024?

Analytical forecasts provide a probabilistic range for where Silver prices could be heading in 2024.

Consider the predictions from leading institutions:

• JPMorgan: $30 price target by late 2024 based on Fed rate cuts and inflation hedging demand.

• World Bank: A $20-25 range is seen based on global slowdown risks and monetary tightening.

• Heraeus: The $22-29 price band is forecasted owing to industrial and investment demand.

• InvestingHaven:

• Silver Institute: Supply deficit environment and robust demand could maintain the upside.

• Standard Chartered: $23 average, with rising industrial use offsetting weak investment.

• Capital Economics: If a recession hits and industrial activity falls, we could see a drop below $20.

Based on current data and assumptions, these predictions indicate a potential trading range of around $20-35 for Silver in 2024. The high end requires most things to go right on the demand side, while the low end reflects recessionary scenarios.

Interested in investing in silver for your portfolio? Check out our straightforward list of top places to buy Silver in 2024.

Silver price prediction long-term forecast

Silver has historically demonstrated significant price volatility, making long-term predictions inherently challenging. However, analyzing key economic and industry factors driving Silver demand and supply can provide insights into potential future price ranges.

According to industry research by TradersUnion’s precious metals analysts, Silver prices could fluctuate within the following projected ranges over the next decade:

The TU’s analysts foresee periodic volatility driven by economic cycles, industrial demand shifts, geopolitics, and other macro factors. However, the overall trend is a gradual rise in the long term. This is due to the use of technology and potential supply shortages pushing up prices.

These forecasts should be used as a guide, not a definitive future prediction. Unanticipated events might cause prices to deviate from the projected ranges. Keeping a long-term view and adjusting your positions as things change is smart. Remember that Silver's high volatility means its price trends won't always be steady.