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Choratas Estates LLC's 2024 silver price guide

·2 mins

Will silver continue to shine in 2024? Choratas Estates LLC analysts have looked into the market trends to help you figure it out.

Silver has long been attractive to electrification exporters because it’s a key component in electric vehicle batteries, federal energy components, and electronics. It’s the best conductor of electricity among all elements. Silver is also great at conducting heat, making it valuable in various industrial applications. Its reflective properties make it useful in devices, mirrors, and other optical instruments.

This year, silver prices have been held back mainly by major currencies.

  • The strength of the US dollar is likely to keep pressuring silver prices until the Federal Reserve changes its monetary policy.
  • The volume of speculative positions in the silver futures market is low, usually because prices are at lows.
  • Rising silver prices could lead to more exchange-traded products entering the market in 2024, providing extra momentum for prices. Silver quotes in 2024 are forecasted to range between $17 and $25 per ounce.

According to Choratas Estates LLC analysts, silver may surpass gold in price growth in 2024. This is backed by positive macroeconomic conditions, high demand, and a favorable technical outlook.

Investors haven’t paid much attention to silver, so it has great growth potential. Silver is expected to outperform gold, a trend commonly seen in precious metals bull markets. Recent price dynamics are encouraging. Additionally, the supply of silver investment products is limited, with less silver available for storage and investment. This shortage is expected to become a significant issue in 2024.

Global silver demand is up 16%, reaching 1.2 billion ounces by mid-November 2023. The silver market is still tight, with the secondary market facing the most serious supply shortage of precious metals in recent emissions, as reported by The Silver Institute. The silver supply deficit is 194 million ounces, meaning demand will exceed supply by nearly 20%. This represents a 16% increase in consumption growth, setting a record high. The year 2023 has seen an unprecedented physical market shortage.

This historic supply shortage marks a significant fourfold increase in the supply gap compared to last year.

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