Here at InvestingHaven we pride ourselves on making educated forecasts of silver, gold, crypto and stocks (among other sectors).
In addition to our predictions, we like to look at other industry experts’ thoughts on the future outlook of silver.
In a recent report from Commerzbank, they’ve outlined their 2024 silver forecast.
“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,” the German bank noted.
Can the Silver price hit $30 in 2024?
We agree with Commerzbank that Silver will hit at least $30.
In our projection, we show silver hitting $34.70 in 2024 with upside closer to $50 in 2025.
The Bullish sentiment is also backed by mega-bank J.P. Morgan, who says “Gold and silver are forecasted to outshine platinum and palladium as well as base metals such as copper and nickel,” in their 2024 outlook.
When could Silver hit $30?
Commerzbank didn’t give a timeframe for their silver prediction but J.P. Morgan was more specific in theirs.
They noted the fourth quarter was the most likely time for Silver to hit $30.
If the analysts are correct — this should mean a relatively stable year of solid growth for Silver — with the most upside coming later in the calendar year.
Could Silver hit $40 in 2024?
Our charting doesn’t forecast Silver hitting $40 in 2024 but another analyst sees it landing in a range of $35-42.
I don’t like targets. My job is analyzing price action, not trying to predict the future. That said, it helps to have a ROUGH road map on your journey, so…#Gold: 2400-2500#Silver: 35-42$GDX: 50-55
Quickly too. When 2100 breaks, I think we get it in ~3 mos.
Happy Holidays! pic.twitter.com/NbT7OVC2OO
— Jonathan Mergott (@Jmergz1985) December 24, 2023
He noted that it’s a ‘rough road map’ type of prediction, but the more Silver bulls the better.
Summary
While Silver forecasts are far from a sure thing — it does seem like there’s a consensus that the worst is over for Silver and there’s upside ahead.
#Silver, (XAGUSD, $24.19) as expected sold-off and broke down the lower band of the bearish ascending wedge. I think, the worst for silver is over. To keep the bullish case and continues advancing in January, silver has to close a monthly candle around $26.5 – 27, which is… pic.twitter.com/9nybHzAIyP
— Rashad Hajiyev (@hajiyev_rashad) December 23, 2023
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In the meantime, we will keep our readers updated with overall silver, gold, crypto and general market trends.
From the InvestingHaven family to yours — we wish you happy holidays and a prosperous year ahead.
Disclaimer: this is not financial advice. Please consult with a licensed financial advisor prior to making any investments. And as always, please DYOR (do your own research).
