Silver Price Forecast and Analysis (April 2024): Is it Silver’s Time to Shine?

 

Silver Price Forecast and Analysis (April 2024)

After a record-breaking March for gold, some experts say it might be silver’s time to shine. Often called “poor man’s gold,” silver tends to lag behind the yellowish precious metal when it comes to bull runs. While gold and silver prices often move in tandem, it’s usually gold that sees the most dramatic rise when demand spikes for safe haven metals. 

This might not be the case for long. A combination of rising demand and sustained supply deficits may send silver into the stratosphere later this year. While it’s not possible to pin down an exact price estimate, one expert anticipates that silver might hit $30 in 2024 – a 10-year high. 

April 2024 Silver Price Forecast – Is $30/oz Silver on the Horizon? 

Jena Santoro is an intelligence solutions manager at Everstream Analytics, a supply chain management company specializing in predictive analytics. Santoro claims that silver futures “may outpace gold this year,” Market Watch reports. She predicts that silver could potentially hit a decade-high of $30 by the end of the year, provided that the market’s “renewed demand” for silver is sustained. 

[2024] may be the year that the reversal takes place in silver’s favor. – Jena Santoro

Santoro views silver’s increased demand and existing global supply deficits as the primary causes behind the metal’s massive 2024 potential. The Silver Institute forecasts a 1% increase in global demand for silver. The market research firm notes an increasing “industrial offtake” as one reason why demand for silver might continue to climb in 2024. 

Gold prices could keep climbing — but analysts expect silver to steal the show @CNBC https://t.co/clkVN3ZaQW

— The Silver Institute (@SilverInstitute) March 11, 2024

As the Silver Institute reports, the faces its fourth straight year at a supply deficit. In 2024, their predictive model anticipates a deficit of 176 million troy ounces. While silver’s global supply hasn’t changed in the past few years, industrial demand for the metal continues to climb. When demand climbs and supply remains stagnant, some investors see the perfect storm for a silver breakout starting in the third quarter of 2024. 

How High Could Silver Go? Silver Price Analysis

To get a better idea of where silver is heading in 2024, investors should consider the industries primed to make the metal’s supply deficit even greater. At the top of this list is the green energy sector. Green energy technologies regularly use silver, so an increase in demand for these products would be a great thing for “poor man’s gold.” 

Renewable energy capacity increased 50% globally last year, according to the International Energy Agency. As governments (and consumers) become more interested in sustainable energy sources, industrial demand for silver will continue to outstrip its stagnant global supply output. The result? Excellent price-action in the silver futures market. 

Further compounding silver’s optimistic 2024 price forecast is the growing appeal of safe haven assets like gold and silver. Rumors of interest rate cuts sent gold to new heights in 2024, and less-than-promising inflation data from the past few months might make silver more valuable than ever. 

Short and Long Term Silver Price Forecasts

Investors shouldn’t expect silver’s price to shoot up in the next couple of weeks. While gold remains volatile ahead of Federal Reserve meetings, silver is likely to ride familiar waves until we see more actionable data regarding demand and supply deficits. 

In the long term, silver’s next move is anybody’s guess. According to market researchers, supply shortages and skyrocketing demand in the green energy sector could send gold as high as $30 or more by the end of the year. One of the most optimistic predictions comes from Peter Spina, who founded silver news site SilverSeek.com. Spina says silver might encroach on $50/oz as it plays “catch-up” with gold in 2024. 

Will Silver steal the spotlight?https://t.co/gSAk0QP2PJ

— The Silver Institute (@SilverInstitute) March 14, 2024

Is it really silver’s time to shine, or are investors looking at more of the same in 2024? While silver’s end-of-year price is anybody’s guess, silver bulls make a convincing case that the metal is heading for a fantastic 2024 as strained supplies coincide with skyrocketing industrial demand.