Silver Price Anlaysis: XAG/USD to hit $30 by end-2024 – Commerzbank
|After some ups and downs, the price of Silver is trading at around $24, the same level as at the start of the year. Economists at Commerzbank analyze the precious metal’s outlook.
Silver should benefit from "green" industrial demand
In its latest publication, the Silver Institute revised industrial demand for this year and previous years significantly upwards. Metals Focus also assumes that the silver market will remain in deficit for the foreseeable future. The Silver price has hardly benefited from this so far, which can be explained by general economic concerns, higher interest rates and weaker investment demand, including considerable ETF outflows. Over next year, these adverse factors are likely to become less significant and turn into the opposite.
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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.