Potential for Explosive Price Rise
Many precious metal analysts suggest that silver prices could experience an “explosive” rise in 2024 if global supplies continue to fall short of demand.
This suggests that there may be significant upside potential for silver prices.
Federal Reserve Rate Cuts
The Federal Reserve has signaled its plans to pivot to interest rate cuts in 2024.
Historically, lower interest rates tend to be favorable for precious metals like silver, as they can reduce the opportunity cost of holding non-interest-bearing assets.
Green Energy Demand
Silver is used in various applications related to green energy, including photovoltaics for solar technology and 5G networks.
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As the demand for green energy continues to grow, it is expected to drive industrial demand for silver, which could support higher prices.
Favorable Supply-Demand Dynamics
The global supply of silver is expected to fall short of demand for the third consecutive year. The article mentions a structural deficit in the silver market, which can be a bullish factor for prices.
Industrial Demand: Silver is used in a wide range of industrial applications, including consumer electronics and vehicle production. Rising industrial demand can contribute to higher silver prices.
Potential for greater Than US$30 Prices
Some experts believe that silver prices could push up toward the major resistance level of US$30 per ounce in 2024.
There is optimism that this price barrier will be breached, potentially leading to further gains.
Positive Sentiment
Recent articles in the financial pages and precious metal sites suggest that the fundamentals for the silver market are extremely bullish, with the only missing driver being investor interest.
If investor interest in silver increases, it could further boost prices.
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John Newell Disclaimer
As always it is important to note that investing in precious metals like silver carries risks, and market conditions can change violently with shock and awe tactics, that we have seen over the past 20 years. Before making any investment decisions, it’s advisable consult with a financial advisor if needed. Also the practice of conducting thorough research and to consider your investment goals and risk tolerance.