Silver is holding firm above $24 an ounce with the price going through a period of largely sideways trading since the middle of December as investors appraise the true value of the metal after a volatile 2022.
After slumping from April through to September, silver’s impressive recovery in the final quarter of the year resulted in the metal achieving a small annual increase and setting itself up for further gains in 2023.
The outlook remains promising for silver with the metal in big demand from industry, with silver a key component within some of the most burgeoning sectors of our time, the energy transition and the tech revolution. Add in impressive demand from investment, coin and bar and jewellery sectors and silver were able to enjoy a very contented holiday break with much to look forward to in the new year.
Silver’s gains from September onwards have been steady rather than spectacular with the price going through periods of consolidation to ensure there is sufficient support for the next move higher. As such, the recent oscillation either side of $24 looks like another similar consolidatory move with a bullish outlook making the 2022 high of above $26 an ounce the first major target.
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