Silver Soaring: Will It Hit US$100 an Ounce by 2023?

by Safe Retirement Reports

In recent silver market news, precious metal traders have been investigating the claims that the silver price could reach US$100 per ounce by 2023. This news has caused quite a stir amongst investors who are intrigued by the potential opportunity for major profits.

It is interesting to consider the implications of the silver price reaching this decade-high benchmark. With volatile markets driving spot prices ever-higher, the possibility of such a drastically increased price should not be discounted. Some analysts even believe that the intellectual and geopolitical implications of such a high silver price could have a domino effect across the global economy.

It is also worth noting that the global supply of silver is definite, albeit growing slowly with the development of new sources. Therefore, any increase in demand would cause a corresponding increase in scarcity, eventually pushing the spot prices higher to adjust the supply-demand balance. In essence, it is the fundamental laws of economics that drive the metal markets, making predictions of dramatic price increases possible.

However, it is also important to consider the reality of the situation. Silver is a soft metal that is typically used in industry, rather than the traditional investor’s safe-haven, gold. Therefore, any increase in the US dollar against the metal will have an outsized impact on the spot price of silver, as has been seen in the past.

Furthermore, the political instability that has characterised the Trump administration could be seen to have a worrying impact on the silver market. As the decline in market trust and confidence has caused wider anxiety amongst investors, the prices of many precious metals have dropped significantly.

In conclusion, it is difficult to predict whether the silver market will reach the proposed benchmark of US$100 per ounce by 2023. However, with the current market conditions, it is certainly not unfeasible. Therefore, it is worth monitoring silver news closely in order to keep abreast of any potential changes to market conditions that could drive prices significantly higher.

You may also like