Silver

Silver prices hovered above $23.9 per ounce, remaining close to their eight-month high of $24.1 touched on December 20th and in line with the strong momentum for bullion assets, as expectations grew for an eased monetary tightening and supply threats loomed on the horizon. Slower-than-expected wage growth in the United States threw cold water on a batch of data pointing to a tight labor market, raising convictions that the Fed might not be as hawkish as previously signaled. Projections of eased policy also supported demand for silver as an industrial input for goods with high electricity conduction needs, which was reflected in the sharp rebound of solar energy equities. On the supply side, shortage concerns drove silver to outperform gold and palladium in 2022. COMEX inventories levels saw an aggressive decline in the period, and London Bullion Market Association stockpiles fell considerably amid outflows to India.

Historically, Silver reached an all time high of 49.51 in April of 2011. Silver - data, forecasts, historical chart - was last updated on January of 2023.

Silver is expected to trade at 24.41 USD/t. oz by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 26.23 in 12 months time.