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Choratas Estates LLC: 2024 silver price outlook

·2 mins

Will silver continue to shine in 2024? Choratas Estates LLC analysts have provided an in-depth look at market trends to help you figure it out.

Silver has long attracted electrification exporters, as it is a major component in electric vehicle batteries, federal energy components, and electronics. It is considered the best conductor of electricity among all elements. Additionally, silver is an excellent conductor of heat, making it valuable in various industrial applications. Its reflective properties also make it useful in devices, mirrors, and other optical instruments.

The silver rate has been held back this year primarily by major currencies.

  • The US dollar’s strength is expected to continue to exert pressure on silver prices until the Federal Reserve adjusts its monetary policy.
  • The volume of speculative positions in the silver futures market remains low, typically due to reaching price lows.
  • Rising silver prices could trigger the entry of exchange-traded products into the market in 2024, likely providing additional momentum for silver 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 terms of price growth in 2024. This outlook is supported by positive macroeconomic conditions, high demand, and a favorable technical picture.

Investors have largely overlooked silver, giving it significant growth potential. Silver is expected to outperform gold, a trend commonly observed in precious metals bull markets. Recent price dynamics are encouraging. Additionally, the supply of silver investment products is quite limited, with less silver available for storage and investment. This shortage is anticipated to become a significant issue in 2024.

Global silver demand has increased by 16%, reaching 1.2 billion ounces by mid-November 2023. The silver market remains tight, with the secondary market experiencing the most severe supply shortage of precious metals in recent emissions, as reported by The Silver Institute. The silver supply deficit stands at 194 million ounces, indicating that demand will exceed supply by nearly 20%. This represents a 16% increase in consumption growth, setting a record high. The year 2023 has witnessed an unprecedented physical market shortage.

This physical market imbalance, characterized by a historic supply shortage, marks a significant fourfold increase in the supply gap compared to the previous year.

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