Silver prices were above $24 per troy ounce, the highest in near six weeks, and tracking gains in gold and other precious metals as long-lasting inflation poses a threat to the global economy. Federal Reserve officials are likely to agree on tapering next month as shown in the latest FOMC minutes and markets look for cues over the pace at which the Federal Reserve plans to cut pandemic-era stimulus. The white metal reached an 8-year peak of $30/oz in February on prospects that a global shift towards green technologies, such as solar panel production, would boost demand, but has since declined about 20% amid reduced industrial demand and expectations of higher interest rates.
Historically, Silver reached an all time high of 49.51 in April of 2011. Silver - data, forecasts, historical chart - was last updated on October of 2021.
Silver is expected to trade at 24.90 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 26.77 in 12 months time.