Silver set for a ‘terrific year’ and could outperform gold to hit a 10-year high

The Silver Institute has released a report suggesting that 2024 could see a significant upturn in the silver market, potentially reaching its highest levels in a decade. Predictions indicate that global silver demand could hit 1.2 billion ounces, primarily driven by increased industrial usage in sectors such as automobile manufacturing, solar panels, jewelry, and electronics. Michael DiRienzo, executive director of the Silver Institute, expects silver prices to reach $30 per ounce, a level not seen since 2013.

The report highlights a 9% increase in silverware demand and a 6% rise in jewelry demand, with India expected to be a key driver. However, concerns about a slowing Chinese economy and reduced likelihood of early U.S. interest rate cuts may pose short-term challenges for silver institutional investment.