Silver futures extended their downward momentum towards the $20-an-ounce mark, a level not seen since July of 2020, as bets of an aggressive tightening by the Federal Reserve to rein on sky-high inflation spooked investors from the non-yielding metal. Federal Reserve officials have reiterated their determination to rein in inflation, setting expectations for a back-to-back 75 basis point rate hike in July. Putting a floor under prices were lingering concerns about slowing economic growth, particularly in Europe, as a confluence of economic shocks threatens the outlook for the bloc.
Historically, Silver reached an all time high of 49.51 in April of 2011. Silver - data, forecasts, historical chart - was last updated on July of 2022.
Silver is expected to trade at 20.33 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 19.58 in 12 months time.