Silver Institute: The white metal is heading for "fantastic year" in 2024, could outperform gold
2024-02-07 10:16AM UTC

The Washington-based Silver Institute said in its latest report that 2024 will be a “fantastic year” for the white metal, with prices potentially rising to 10-year highs.


The institute expects silver demand to hit 1.2 billion ounces in 2024, the second highest on record. 


The non-profit organization said that strong industrial activities will drive demand on silver, as manufacturing scales up worldwide this year. 


Silver is used industrially in car manufacturing, solar panels, electronics, and in jewlery. 


The institute expects silver prices to hit $30 an ounce this year, a 10-year high. 


Expected Surge in Global Demand


The Silver Institute expects global demand on silver to surge by 9% this year, with a 6% increase in jewelry demand, led by India and the US. 


An expected uptick in consumer electronics will boost silver demand as well. 


Short-term Hurdles 


The institute acknowledged some short-term hurdles, namely China’s economic slowdown, while odds of early US interest rate cuts recede. 


However, things could change in the second half of the year, when analysts expect the Federal Reserve to start cutting rates and easing policies. 


Inverse Relation


Silver and other precious metals have an inverse relation with interest rates due to their non-yielding nature, which makes them a less enticing investment when interest rates are higher. 


Will Silver Outperform Gold?


Silver is known as gold’s poor cousin, however silver is much more used in actual industries compared to gold, thus it’s more linked to global economic performance. 


Gold on the other hand gets more support in times of uncertainty for its haven appeal. 


The institute expects silver to easily outperform gold this year as the global economy rebounds and accelerates. 

Commodities News

Gold News


Gold surpasses $2400 for first time ever
2024-04-16 20:03PM UTC
Gold prices rallied on Tuesday and scaled fresh record highs on strong haven demand, as global ...
Oil News


Oil prices hover near two-week lows as markets expect little response from Israel to Iran's attacks
2024-04-16 13:17PM UTC
Global oil prices fell in American trade on Tuesday, approaching two-week lows as the US now ...
Gold News


Will gold prices scale $3000 an ounce in 2024?
2024-04-16 11:59AM UTC
Gold prices continued to move in a positive zone and approached the record highs scaled last week ...

Commodities Technical Analysis

Brent oil Analysis


Brent oil price forecast update 16-04-2024
2024-04-16 09:52AM UTC
Brent Oil Price Forecast Brent oil price finds solid resistance at 90.90$, to show negative ...
Oil Analysis


Crude oil price forecast update 16-04-2024
2024-04-16 09:48AM UTC
Crude Oil Price Forecast Crude oil price trades negatively to press on 85.45$ support line, ...
Silver Analysis


Silver price forecast update 16-04-2024
2024-04-16 09:48AM UTC
Silver Price Forecast Silver price faces clear negative pressure now, to approach the key ...