Top Factors Predicted to Push Silver Prices Up in 2023
According to the pricing experts, industry leaders, financial analysts, and big banks, numerous factors could push silver prices higher in 2023. These include:
- Fed slows rate hikes
- Inflation or Stagflation
- New demand for green applications
- US Dollar weakening
- Cryptocurrency demand decline
- An increase in the price of gold
It’s worth noting the importance of the gold-silver ratio. There is a historic relationship between the price of gold and silver. In short, as the price of gold moves up or down, silver prices will follow.
Robert Kiyosaki, author of Rich Dad Poor Dad, predicts silver going to $75 and gold to $3,800 in 2023:
I became a gold bug in 1972. I was a Marine pilot in Vietnam flying behind enemy lines hoping to buy gold at a discount because the mine was in enemy hands. Found out the price of gold is the same all over the world. I predict silver going to $75 and gold to $3800 in 2023.
— Robert Kiyosaki (@theRealKiyosaki) December 29, 2022
Suggested reading: 10 Factors that Influence Silver Prices
Top Factors Predicted to Push Silver Prices Down in 2023
There are also reasons to believe that silver prices could fall in 2023, including elevated interest rates and global geopolitical unrest. Other factors include:
- Fed rate hikes continue
- Weak jewelry demand due to potential recession
- Weak investment demand
- Reduced industrial demand
Silver Price Prediction FAQs
While predictions are nothing more than educated guesses, they’re useful when deciding whether to invest in silver. Financial institutions and analysts use historical data to serve as the foundation of their predictions.
Answer these questions to better understand the above silver price predictions and what to expect in the year to come.
Many financial institutions and analysts are bullish on silver in 2023, while others expect the market to settle below $20/ounce. Closely track the gold-silver ratio as the first half of the year wears on to determine if there’s a correlation.
If history is any indicator, silver prices will continue to rise beyond 2023. Nobody knows how soon or how high, but long-term trends point in this direction.
With silver prices at the start of 2023 below 2022 highs, now is one of the best opportunities in recent history to invest. If you wait too long, you may end up paying more if prices increase — as many analysts and institutions expect — in 2023.
In today’s world, there’s no shortage of ways to buy silver. The best approach is the one that most closely aligns with your investing goals. For example, some people are interested in physical silver while paper silver — such as stocks and ETFs — is better for others.
Learn more about your options and discuss your goals and timeline by speaking with an experienced precious metals advisor at Scottsdale Bullion & Coin.
