Silver hovered around $23.5 per troy ounce, the lowest in over five weeks amid expectations of higher interest rates. Jerome Powell has been nominated for a second term as chair of the US Federal Reserve by President Joe Biden, signaling a continuation to the current withdraw of extraordinary stimulus and raising expectations of a sooner increase in the feds fund rate. Also, minutes from the last FOMC meeting showed Fed officials are ready to raise interest rates if inflation continues to run high. The Federal Reserve began reducing its monthly asset purchases this month at a pace of $15 billion per month with plans to end them in 2022. Elsewhere, investors bet on an ECB rate hike next year as the bank's policymakers cast attention to upside inflation risks.
Historically, Silver reached an all time high of 49.51 in April of 2011. Silver - data, forecasts, historical chart - was last updated on November of 2021.
Silver is expected to trade at 22.57 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 21.04 in 12 months time.