Silver Shortages Allowing Prices to Approach a Nine-Year High
Analysts believe silver may hit a nine-year high of $30 per ounce in 2023, the highest it’s been since February 2013. If silver fulfills this projected 8.8 percent increase, it will outperform gold. As silver supply dwindles, industrial demand increases, inflation soars, and more investors flock toward the cheaper precious metal option as a safe investment choice, silver prices might exceed anything the market’s seen in the last decade.
“Silver has historically delivered gains of close to 20 percent per annum in years inflation is high,” says Janie Simpson, the managing director of ACB Bullion.
“Given that track record and how cheap silver remains relative to gold, it wouldn’t surprise to see silver head toward $30 per ounce this year, though that will likely offer significant resistance.”…