Silver climbed past $30 per ounce, its highest level since January 2013 and up more than 25% year-to-date, fueled by robust investment and industrial demand. Although ETFs have shown little interest in silver, physical sales have increased since the metal appeared to be undervalued. Back in January, the gold-to-silver ratio exceeded 90, the widest spread since September 2022. It has since narrowed to around 80 and is estimated to drop further to 70 if the Fed cuts rates and the US economy stays resilient. Earlier US consumer inflation data and key monthly jobs report bolstered the chances of Fed rate reductions in 2024. However, these have been partially countered by rising export and import prices and hawkish comments from policymakers. Meanwhile, the commodity continued to benefit from its use in solar panels, which is expected to reach a record this year and push the silver market into its fourth consecutive deficit.
Silver increased 8.51 USD/t. oz or 35.82% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Silver reached an all time high of 49.51 in April of 2011. Silver - data, forecasts, historical chart - was last updated on May 20 of 2024.
Silver increased 8.51 USD/t. oz or 35.82% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Silver is expected to trade at 30.20 USD/t. oz by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 32.13 in 12 months time.