Image Source: PixabayWe’ve put together a list of all 26 analysts who had, in April, provided specific forecasts for the price of silver by the end of 2023. Surprisingly, compared to the 7 analysts who forecast specific targets for gold by the end of 2023 (see here), the vast majority (73%) of the silver analysts have already seen their forecasts exceeded, with the distinct possibility that that percentage could rise to 92% by year end. Below are the details:
- “My silver price target for year-end in 2023 is $25 per troy ounce and…my price target for silver by 2030 is $35 per troy ounce.” Source
- “With total supply relatively static at around 1 billion ounces, but with demand rising 16% year-on-year to an all-time high, coupled with declining inventory stocks, we see silver ranging from $23.41 to $30.15 in 2023 and averaging $25.18 on the year. Source
- This AI driven website forecasts that silver will end 2023 at $25.46/ozt., $29.25 in 2025 and $32.86 in 2027. Source
- Fertig of QCR Quantitative Commodity Research in Germany forecasts $26.60 in 2023 based mostly on a steep retreat in the US Dollar’s value. Source
- Ikemizu, Chief Director of the Japan Bullion Market Association, forecasts $27 per troy ounce in 2023 “supported by the prospect of supply shortage and renewed interest from investors with prices further boosted by the move towards a carbon-free society helping silver demand for solar panels and other applications such as various parts in electric vehicles.” Source
- According to the StoneX Metals and Energy Markets Annual Outlook report silver should reach $27.25 by the end of 2023. Source
- The algorithm-based forecasting service predicts that silver will close out 2023 at $27.90, rising to an average of $57.53 by the end of December 2025, $80.47 by the end of 2026, and $97.65 by December 2027. Source
- Jain, Director of Prithvi Finmart, believes “silver could also test $28-30 per troy ounce levels in 2023.” Source
- Nicky Shiels, head of metals strategy at MKS Pamp, has a silver forecast of $28/ozt. to $30 per troy ounce for 2023 because silver is in a shortage. Source
- This algorithm-based forecasting service forecasts a price of $29.01/ozt. for silver at the end of 2023. Source
- “Silver could hit a nine-year high of $30 per ounce in 2023 as a result of insufficient supplies of silver as well as its tendency to be a better performer than gold in periods of high inflation.” Source
- Randy Smallwood, CEO of Wheaton Precious Metals, believes silver will “touch” $30 a troy ounce but will remain comfortably above $20 in 2023. Source
- Neumeyer, CEO of First Majestic Silver, predicts silver could reach $30/ozt. in 2023 and $125 per troy ounce in the current market cycle. Source
- Germany’s largest and oldest precious metals company has a silver price forecast of $30/ozt. ounce in 2023 based on the increased demand for silver by renewable energy technologies and that a rising silver price should attract additional investment demand, which could help drive silver prices significantly higher this year. Source
- Tavi Costa, Portfolio Manager and partner at the firm, thinks, “Silver could easily be trading at $30 to $35 an ounce” in 2023. Source
- The odds favor a higher silver price in 2023 ranging from a minimum of high of $30, a potential high of $35 with no crisis and a potential high of $50/ozt. should we be in a crisis. Source
- Savage feels that the silver market is gearing up for a bullish run to $30 and maybe $50 an ounce in 2023 as a result of the trillions of dollars that have been created as a reason the price of silver can no longer be suppressed and that silver prices “bottomed out” prior to gold meaning it’s got more room to run. Source
- The AI-driven forecasting website predicts silver prices will end the year at $30.12, $40.77 by the end of 2024, and $50.64 by the end of 2025. The forecast is updated on daily basis. The current price is updated every 15 minutes. Source
- ” A favorable market condition…should see silver reach $31.95 by the end of 2023…and should easily rise to $40.18 per troy ounce in 2024 and possibly reach as high as $81 per troy ounce in 2030. Source
- Kedia, Managing Director of Kedia Commtrade and Research, sees silver “crossing $32 as industrial demand seems to be improving against the supply with dwelling inventories.” Source
- The silver price prediction for 2023 is expected to continue to increase reaching $32.65 by the end of 2023 because the current supply of silver is insufficient. Source
- Tsaklanos forecasts that silver prices will rise to $34.70 per troy ounce in 2023, with $48 silver expected shortly thereafter supported by the gold price (correlated to silver) and inflation expectations. Source
- “I think $35 silver is realistic given the fact that the dynamics of the economy are going to slow down.” Source
- Jana Kane, editor-in-chief, feels the average price of silver will be in the $37.32 range for 2023 based on safe-haven demand in the face of rising inflation and silver’s use as an industrial metal. Source
- “Silver has lagged in the precious metals space for the last two years and has a lot of catching up to do….Its prices could easily double in 2023 to $40/ozt…” Source
- “I predict silver going to $75 and gold to $3,800 in 2023.” Source
The 26 analysts above forecast, on average, that silver would reach $31.82 per troy ounce by the end of 2023. Silver reached $32.41/ozt. today, December 7th.More By This Author:Bitcoin Update: Of 43 Forecasts For 2023 Only 12 Are Close
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