2024 Silver Price Outlook

白银三大需求的增速将翻倍
Published on: January 8, 2024
Author: Philip Tai

As we head into 2024, investors have been looking for signs that silver prices will spring up from the consolidation we saw in 2023. Will an economic stagnation lead to lower prices or will industrial demand drive a surprise rally?

What are the Experts Saying about Silver Prices?

According to a report by Bruce Powers for FX Empire posted on NASDAQ.com, the economic environment supports a price rise to $34.43 in 2024. The report suggests that the price of silver is likely to be influenced by the strength of the US dollar, the state of the labor market, and the Federal Reserve’s monetary policy. Technical analysis of the silver price chart shows that the metal price could rise to $22.35, with a potential for a test of the $24.00 level once this threshold is breached. The report also highlights that the silver price is expected to remain stable in 2024 despite the uncertainty surrounding the global economy.

In another report by BullionVault, however, silver prices are expected to remain stable in 2024, despite the uncertainty surrounding the global economy. The report suggests that the price of silver is likely to be influenced by the strength of the US dollar, the state of the labor market, and the Federal Reserve’s monetary policy. The market sentiment currently reflects a cautious approach, with traders pricing in a 65% chance of a Fed rate cut by March. However, the weakening US dollar enhances silver’s appeal, with potential for a cautious bullish outlook.

Industrial Demand for Silver will grow 42% from 2023 to 2033

The demand for silver in the industrial sector is expected to grow significantly in the coming years, particularly in the clean tech and technological sectors. According to a report by Oxford Economics, the output of the industrial, jewelry, and silverware sectors is forecast to grow by 42% between 2023 and 2033.

The growth is projected to be led by industrial end-users of silver, particularly the electrical and electronics applications industry, where output is forecast to grow by 55% over the decade. The report also highlights that the demand for silver as an industrial metal is set to shine over the coming decade, given its use in a range of green technologies such as solar power generation and electric vehicles (EVs). Silver’s chemical make-up means it is one of the best electrical and thermal conductors among metals, making it perfect for use in solar panels and EV components. The ongoing revolution in green technologies, driven by the mainstream adoption and exponential growth of new energy vehicles (NEVs) and the continued investment in solar photovoltaic energy, should form an increasingly important part of industrial demand for silver in the future.

A Silver Opportunity Worth Watching: Silver Storm (TSX.V: SVRS | OTCQB: SVRSF | FSE: SVR)

Silver Storm Mining Ltd. is a mining company that owns and operates the La Parrilla Silver Mine Complex in Durango Mexico. The company has recently announced further drill results from its Phase 1 diamond drilling program at the Quebradillas mine. The results are highly encouraging, with Hole Q-23-020 intersecting the C460 Zone returning 1,810 g/t Ag.Eq1 over 14.62 metres (“m”) including 2,466 g/t Ag.Eq1 over 9.57 m and 682 g/t Ag.Eq over 4.00 m. This intercept is located approximately 15 m below the last mine development in this area, with similar high-grade mineralization. Hole Q-23-017 intersected the Quebradillas Zone returning 266 g/t Ag.Eq. over 6.03 m including 496 g/t Ag.Eq over 1.67 m and 354 g/t Ag.Eq over 0.60 m. Hole Q-23-019 intersected the Quebradillas Zone returning 523 g/t Ag.Eq over 1.22 m. The high-grade mineralization reported today extends the C460 Zone at depth to the south where limited drilling was previously performed. The mineralization in this area is higher-grade, and wider, than the previously mined stopes immediately above.

If the economic environment supports a price rise to $34.43 in 2024, according to a report on Nasdaq.com, and the demand for silver in the industrial sector is expected to grow significantly in the coming years, particularly in the clean tech and technological sectors, we may see strong growth potential for SVRS. The ongoing revolution in green technologies, driven by the mainstream adoption and exponential growth of new energy vehicles (NEVs) and the continued investment in solar photovoltaic energy, should form an increasingly important part of industrial

demand for silver in the future . Investing in silver exploration companies is a promising direction for investors, with many companies expanding their operations to meet the growing demand for silver. Silver Storm Mining Ltd. is one such company that is poised to benefit from enhanced operational efficiency, disciplined management, and strong balance sheets. The company’s recent drill results are highly encouraging, and the company is expected to continue to perform well in the future.

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