By
Godfrey Benjamin
March 11th, 2024
According to data from Silverprice.org, Silver has recorded an average growth of 7.4% over a 16-year period spanning 2007 to 2022.
Dear readers, it is a pleasure to present you with the next asset on our radar in this exclusive Coinspeaker Advent Calendar – Silver and its price expectations for 2023. Silver is by all standards a very respected asset, one which currently boasts a market capitalization of $1.304 trillion.
Just like Gold, the use cases of Silver are enormous, and it ranges from a store of value to its broad uses in jewelry amongst other highly-priced items. Silver’s durability as a metal as well as its unique luster cannot be mistaken, and thus fuels its unending adoption across the board.
Silver is currently priced at $23.119 and this guides both the asset’s derivatives, asset-backed tokens as well as the physical product. Just as we have Bitcoin (BTC) and Ethereum (ETH) as supplementary investment assets, so also do we have Gold and Silver as competing precious metals.
That Gold is more prestigious than Silver is not debatable but as we have seen in the case of the digital assets comparison, investors generally favor the complement in part because of its lower price which makes it draw in a considerable market across the board.
What Should We Expect in Silver Price in 2023
According to data from Silverprice.org, Silver has recorded an average growth of 7.4% over a 16-year period spanning 2007 to 2022. This shows that relatively, an investment in Silver back in 2007 would have sustained the capital, and added a fair interest.
By comparison, the United States Dollar has continued to lose its value over the past decade, especially as the Federal Reserve accelerated its money printing with the advent of the COVID-19 pandemic a few years back.
Consider the one-year price chart of Silver as depicted below.
As seen above, Silver has continued to surmount the bulk of its year-long headwinds and it is paring off its losses in what comes off as though it will end the year in a positive range. This is an unusual growth as almost all investment assets have been battered by the macroeconomic strain the world has experienced thus far.
At the moment, Silver has only lost 0.6% this year, and it is likely to end the year on a more positive note. As such, here are the quarterly expectations for Silver in 2023:
- First Quarter: $24.000
- Second Quarter: $25.5000
- Third Quarter: $26.0000
- Fourth Quarter: $30.0000
As seen, we believe if Silver has the propensity to finish the year either marginally flat or with a slight gain in a year that was filled with cross-market turbulence, then it can chart a very promising bullish course in the coming year.
As we would always advise, please plan your investment strategies after doing your own due diligence, and whenever you decide to invest, kindly do so with the right risk management practices.
Thank you for reading once again, and stay tuned to further episodes in this Coinspeaker Advent Calendar series.