Silver set for a 'terrific year' and could outperform gold to hit a 10-year high
Publishing timestamp: 2024-02-06 18:34:44
Summary
The global demand for silver is forecasted to reach the second-highest level on record in 2024, driven by stronger industrial offtake. The Silver Institute expects silver prices to potentially reach a decade-high of $30 per ounce. The demand for silverware, jewelry, and consumer electronics is projected to increase, with India driving the jump in jewelry purchases. However, the slowing Chinese economy and decreased odds of U.S. interest rate cuts could present short-term headwinds. Silver tends to have an inverse relationship with interest rates and is more sensitive to economic changes compared to gold.
Sentiment: POSITIVE
Tickers: @SI.1, WPM-CA, XAG=, XAU=,
Keywords: commodity markets, silver comex (mar'23), gold / us dollar spot, business news, wheaton precious metals corp,