Silver Price News: Silver Slides Near $23 On Prospect of More Hike Pain

Silver is sliding down towards $23 an ounce after recent comments from Federal Reserve officials, notably Michelle Bowman, suggested that the US central bank may not yet be finished with its series of interest rate hikes.

Seeing as it was the introduction of the first of those hikes back in April last year that prompted the price of silver to endure a multi-month slump, the prospect of further pain still to come brought silver’s positive run in the second half of July to a crashing halt.

The amount of uncertainty that still remains in the market, both on the likely next steps by the Fed as well as the health of the global economy more generally, has made for a complicated trading environment. Yet the reality remains that the long-term demand trajectory for silver remains very healthy with the metal’s excellent conductivity making it a key component of the energy transition to a cleaner, more electric future. 

As such, while the short-term price action may be downward, the longer-term outlook suggests silver should be trading much higher than its current levels. For those willing to endure pain in the short term, this latest dip in the price towards $23 an ounce presents a buying opportunity.

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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