Top.Mail.Ru
empty
18.10.2023 12:12 PM
Precious Metals Outlook: Silver will outperform gold in 2024, says LBMA survey

This image is no longer relevant

According to the annual LBMA survey following the conference, participants stated that gold will outperform the precious metals market. However, certain observations and comments during the conference supported silver, evaluating its affordability compared to its fundamental indicators.

As per analysts, despite the Federal Reserve maintaining interest rates at a restrictive level for most of 2024, geopolitical uncertainty in the coming 12 months will continue to support precious metal prices.

Based on the sentiments expressed at the 2023 Global Precious Metals Conference of the London Bullion Market Association, participants believe that by the next year's conference in Miami, Florida, silver prices will be trading around $26.80 an ounce.

This image is no longer relevant

Despite the challenges faced by both gold and silver in 2023, as the Federal Reserve aggressively raised interest rates, silver managed to maintain substantial growth compared to where prices were during the previous year's conference. Silver prices were around $18.60 an ounce at that time.

Currently, the bullish forecast is driven by the fact that silver is trading around $23 an ounce.

This image is no longer relevant

Analysts also noted that industrial demand for silver in the solar sector has provided strong support for the precious metal as investors focus on transitioning to green energy.

According to Phillips Baker, CEO of Hecla Mining, the use of silver in Photovoltaic (PV) solar panels will "drive silver prices higher." The need for Photovoltaic solar panels will stimulate demand in the coming decade.

As for gold, according to the LBMA survey, participants believe that prices will rise to $1990.30 an ounce by the same time next year.

This image is no longer relevant

This forecast is based on the ongoing chaos in the Middle East, showing how safe-haven asset demand can influence prices. Gold has risen more than 5% compared to seven-month lows from last month. The gold market, like silver, has established a strong base well above last year's prices.

Alongside the demand for safe-haven assets, gold is also well supported by central bank demand, which reached a record level in the first half of 2023.

This image is no longer relevant

Irina Yanina,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

XAU/USD. Analysis and Forecast

Gold maintains a bearish tone today, though it has slightly recovered from the daily low, climbing back above the $3300 level. Investors continue to hope for a potential de-escalation

Irina Yanina 12:23 2025-04-25 UTC+2

The Market Has Nowhere Left to Run

While Donald Trump and Beijing are still trying to figure out whether trade negotiations between the U.S. and China are happening at all, the S&P 500 continues to climb

Marek Petkovich 11:57 2025-04-25 UTC+2

The U.S. Dollar Rises — Here's Why

The U.S. dollar strengthened against a number of global currencies, as did the U.S. stock market, following reports that the Chinese government is considering suspending its 125% tariffs on certain

Jakub Novak 11:31 2025-04-25 UTC+2

Why Could Gold Prices Drop Significantly? (There's a chance gold will continue to decline while the CFD on the NASDAQ 100 futures contract may rise)

The beginning of actual negotiations could lead to a significant drop in gold prices in the near future. In previous articles, I suggested that the previously surging price of gold

Pati Gani 10:14 2025-04-25 UTC+2

GBP/USD Overview – April 25: The Fed Is Starting to Worry for Real

The GBP/USD currency pair traded higher on Thursday, remaining near its 3-year highs. Despite the British pound's strong rally in recent months, corrections are still rare in the forex market

Paolo Greco 07:57 2025-04-25 UTC+2

EUR/USD Overview – April 25: America Files a Lawsuit Against Trump

The EUR/USD currency pair continued to trade calmly on Thursday, although volatility remained relatively high. This week, the US dollar showed some signs of recovery—something that could already be considered

Paolo Greco 07:57 2025-04-25 UTC+2

What to Pay Attention to on April 25? A Breakdown of Fundamental Events for Beginners

A few macroeconomic events are scheduled for Friday, but this doesn't matter, as the market continues to ignore 90% of all publications. Among the more or less significant reports today

Paolo Greco 07:06 2025-04-25 UTC+2

The Yen Is Looking Stronger and Stronger

The nationwide Consumer Price Index published last week showed accelerated core inflation in March—from 2.6% to 2.9%. Inflationary pressure is increasing, supporting the case for further interest rate hikes

Kuvat Raharjo 01:23 2025-04-25 UTC+2

Canada Awaits Election Results. USD/CAD Outlook

Last week, the Bank of Canada kept its interest rate unchanged at 2.75%, as expected. The accompanying statement was neutral in tone, emphasizing ongoing uncertainty. Confidence is hard to maintain

Kuvat Raharjo 00:59 2025-04-25 UTC+2

The Australian Dollar Could Suffer If the U.S.-China Trade War Escalates

U.S. President Donald Trump once again commented on Federal Reserve Chairman Jerome Powell, openly expressing dissatisfaction with the pace of rate cuts. Another public expression of disapproval of the Fed's

Kuvat Raharjo 00:59 2025-04-25 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.