Silver continues to march ever higher with the price briefly climbing above $24 an ounce to reach its highest level for eight months.
While the World Cup may be over, the football cliche of “it’s a game of two halves” certainly seems apt to describe silver’s year, or perhaps more accurately a year of four quarters.
After a buoyant start to the year in which silver climbed above $26 an ounce, the second and third quarters saw the metal endure a sustained slump before reaching its low at the start of September. From here, silver has staged a remarkable recovery as finally the strong fundamental case in which the metal is in hot demand across a range of sectors managed to be heard.
As such, this turnaround now looks to position silver on course for making a gain over the course of this year, something remarkable both for where it was trading as recently as September as well as considering the overall dreadful performance of stock markets in 2022.
Now that silver’s bullish outlook is dominant and comfortably outweighs the bearish factor of central banks still raising interest rates, there seems no reason why silver can’t continue its upward trajectory in 2023 – with the March high the obvious first target.
Rupert is a Market Analyst for Kinesis Money, responsible for updating the community with insights and analysis on the gold and silver markets. He brings with him a breadth of experience in writing about energy and commodities having worked as an oil markets reporter and then precious metals reporter during the seven years he worked at Bloomberg News.
As well as market analysis, Rupert writes longer-form thought leadership pieces on topics ranging from carbon markets, the growth of renewable energy and the challenges of avoiding greenwash while investing sustainably.
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