Silver prices on pace to average 2023 around $23 - Silver Institute SilverInstitute silver
- Despite the recent selloff, the silver market has seen a solid start to the year, and while the price action is expected to be volatile this year, the Silver Institute expects to see higher prices as silver demand is forecasted to reach new record levels.
While the Silver Institute may be"cautiously" bullish on silver, the analysts said there is enough uncertainty in the global economy to pose challenges for the grey metal. "However, even at that level, it will still be the second-highest global silver demand level on record," the Silver Institute said.
Meanwhile, the Silver Institute has a more subdued outlook for silver investment demand, which it expects to fall 16% this year from last year's record high of 352 million ounces.
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