Will Silver Soar to an All-Time High of US$100 per Ounce? (Updated 2023)
Have you ever wondered if the silver price could actually hit US$100 an ounce? We've heard some bold predictions before especially with the recent hot streak of the commodities markets, and some silver industry experts suggest that silver could potentially hit as high as US$100 by the end of 2023. So, could it really happen? First, let’s take a look at the current state of the silver market. The silver spot price is currently around US$26 per ounce, which is historically low. However, the silver price has gained nearly 20% in the past 12 months, showing us that the metal is becoming increasingly attractive among investors. Moreover, the demand for silver jewelry and coins is increasing as well, driving the price up further. When it comes to the prediction of the silver price hitting US$100 an ounce by the end of 2023, it is definitely a long shot. Even with the current positive trends in the silver market, there are still some uncertainties that could hinder the silver price from reaching this level in such a short period of time. For one, silver is very much linked to the performance of the US Dollar, and as long as the US economy remains in a steady state, the silver price may not reach such a high price point. On the other hand, if there is a Global recession or if the US Dollar takes a turn towards devaluation then the silver price could potentially skyrocket. In this scenario, the silver price could even reach US$100 an ounce, depending on the severity of the economic downturn and the severity of the resulting currency devaluation. Overall, the chances of the silver price hitting US$100 an ounce by the end of 2023 are slim, but certainly not impossible. The silver market is an unpredictable one and it is impossible to predict it with any degree of certainty. That being said, the current bullish trend of the silver market is certainly encouraging, and if the current conditions remain then it is definitely possible that the silver price could reach US$100 an ounce in the future.