Silver: A Bigger Upside Than Gold
1.24.23 – Silver: A Bigger Upside than Gold?
Gold last traded at $1,935 an ounce. Silver at $23.65 an ounce.
EDITOR’S NOTE: Silver is making headlines early in 2023. Many analysts are expecting a big year for the white metal: Bigger than gold!
Silver prices could touch a 9-year high in 2023 – with a bigger upside than gold -CNBCby Lee Ying Shan
Prices of silver could hit a nine-year high of $30 per ounce this year – possibly outpacing gold prices.
The last time spot silver touched $30 levels per ounce was in February 2013, according to closing price data from Refinitiv.
Insufficient supplies of silver as well as its tendency to be a better performer than gold in periods of high inflation are key drivers supporting the outlook, analysts told CNBC.
“Silver has historically delivered gains of close to 20% per annum in years inflation is high. Given that track record, and how cheap silver remains relative to gold, it wouldn’t surprise to see silver head towards $30 per ounce this year, though that will likely offer significant resistance,” said Janie Simpson, managing director at ABC Bullion.
Spot silver prices notched a record high of $49.45 in 1980 against the backdrop of a 13.5% inflation rate, up from around $4 in 1976, when the rate of inflation was cooler at 5.7%.
The precious metal last traded $24.02 per ounce, against the backdrop of an inflation rate of 6.5%. READ MORE
Prices of silver could hit a nine-year high of $30 per ounce this year – possibly outpacing gold prices.
About Dean Heskin
Dean Heskin is President and CEO of Swiss America Trading Corporation and the editor of this newsletter. Mr. Heskin started with the firm in 1992 as an account executive and was named CEO in 2012. For nearly thirty years, Mr. Heskin’s opinions and perspectives have been sought after and shared with many. You may have read, seen or heard him on the numerous media interviews he’s conducted with; FOX News, The Wilkow Majority, The Wayne Allen Root Show, CBS MarketWatch, Off the Grid and more. Dean is happily married, has five children and currently resides in Scottsdale, Arizona.
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