You are looking at the projected low, average, and high silver prices for 2023. Call the Certified Gold Exchange at 800-300-0715 if you have any questions regarding these forecasts or sourcing details.
|2023 Low: $21.00||2023 Average: $30.91||2023 High: $50.00|
The price of silver is predicted in the following graph for 2023 by 30 of the top banks, precious metals dealers, and mining companies in the world.
|Bank of America||$25||Crescat Capital||$30 – $35|
|Commerzbank||$25||London Bullion Market Association||$28.30|
|Wheaton Precious Metals||$20 – $30||Gold Silver Pros||$40 – $50|
|Sprott Money||$38||Lite Finance||$37.32|
|Investing Haven||$34.70||Heraeus Precious Metals||$17 – $25|
|DeCarley Trading||$36||Smart Money Tracker||$30 – $50|
|Canadian Imperial Bank of Commerce||$23.50||Matterhorn Asset Management||$50|
|Silver Institute||$23||Coin Price Forecast||$29.96|
|Reuters||$23||BMO Capital Markets||$21|
Here are predictions for the years following 2023. They often display pricing forecasts for the next 5 to 10 years. We’ve also added commentary for forecasts through 2023 and beyond farther down the page. Call us at 800-300-0715 if you have any questions about how to buy precious metals with volume discounts.
|Robert Kiyosaki||$75 – $500 by 2025||Nicoya Research||$35 in 2023 and $75 in 2024|
|Wells Fargo||$48 in the next 5 years||Precious Metals Commodity Management||$50 in the next few years|
|Keith Neumeyer||$125 in the current cycle||Momentum Structural Analysis||$200 in the current cycle|
|Silver Stock Investor||$300 in the next 5 to 10 years||Rob McEwen , Executive Chairman, McEwen Mining||$250 by 2027|
|Elliott Wave Trader||$50 in the current cycle||David Morgan of the Morgan Report||$50 in the short term|
Bank of America commodity strategist, Michael Widmer, expects silver prices to reach $25 an ounce by the third quarter and remain elevated throughout 2024.
He also believes solid industrial demand for silver from the solar panel and automobile sectors is likely to steadily increase through 2026.
Robert Kiyosaki, author of the financial classic, Rich Dad, Poor Dad, is very bullish on silver and stated, “I predict silver is going to $75 and gold $3,800 in 2023.”
Below is a screenshot of the tweet of his 2025 gold and silver price prediction.
Regarding how he fell in love with silver he said, “I became a silver nut in 1964. I was looking at a dime and saw a copper tinge around the edge. I was only 17 but I knew we were being screwed via our money.”
Kiyosaki warns investors that this may be the last chance to buy before silver prices erupt higher.
He believes that stocks, bonds and the real estate market will crash due to the Feds monetary policy.
And has said over and over again that he doesn’t trust Wall Street, the Federal Reserve, the Treasury or the Biden administration and that the dollar is “toast”.
Economists at Commerzbank expect a $25 silver price by the end of 2023. They site record industrial demand, along with that of coins, bars, silverware and jewelry for the rise in silver prices.
They believe silver prices will benefit when the Federal Reserve stops interest rate hikes, and speculation on future rate cuts. As China rolls back Covid restrictions, they see demand increasing even further because China is the worlds largest consumer of silver.
CEO Randy Smallwood thinks silver will “touch” $30 a troy ounce but will remain comfortably above $20 in 2023.
Smallwood mentions how, “We hit peak silver supply back about five, six years ago. Silver production on a worldwide basis has actually been dropping, and we’re not seeing as much silver produced from the mines.”
He continued, “When silver prices go up, it’s not like the silver mines can increase production, because the silver mines only supply about 25% of the silver.”
Degussa, Germany’s largest, oldest, most respected precious metals company has a silver price forecast of $30 an ounce in 2023.
In their January, 2023 Market Report, they state that world demand for silver is greatly strengthened by renewable energy technologies that should outpace the “old” industry. And that a rising silver price should attract additional investment demand, which could help drive silver prices significantly higher this year.
Craig Hemke with Sprott Money thinks the Fed will reverse course on interest rates and inevitably revert to QE again.
He feels investor sentiment will shift then and silver prices could make a massive move and end up around $38 prior to years end.
John La Forge, head of real asset strategy for Wells Fargo, believes silver is in a super cycle. La Forge has a silver price target of $48 per troy ounce within the next five years.
The Fed reversing course on interest rates is one of the main drivers that will lead to higher silver prices according to La Forge.
Other factors include supply and demand fundamentals and gold as a contrarian play that will draw more investors to silver as well.
La Forge says “You will get investors coming back to some of these contrarian plays. When you are in a bull super cycle, more assets under management start moving towards commodities, and it tends to lift the entire group up.”
He mentions that in addition to electric vehicles, solar panels, windmills and other new technologies all require silver and will add to the growing silver deficits.
He cites that in 2022 the mining sector produced around 800 – 825 million ounces of silver, yet consumption was between 1.2 and 1.4 billion ounces, a significant deficit.
Neumeyer also touches on the fact that the in ground gold silver ratio is 8 to 1. Meaning for every ounce of gold they mine, they’re only mining 8 ounces of silver. But with the gold silver price ratio at 82, the current price of silver is very undervalued.
The financial website Investing Haven forecasts silver prices will rise to $34.70 per ounce in 2023, with $48 silver expected shortly thereafter.
The leading indicators that support their silver price prediction are the gold price (correlated to silver) and inflation expectations.
Neumeyer, CEO of First Majestic Silver Corp, is very bullish on silver. He predicts it could reach $30 in 2023 and $125 per ounce in the current market cycle.
He mentioned that this was the first year that automobile manufacturers attended the Global Metals, Mining & Critical Minerals conference he participated in. He feels that car manufacturers “aren’t really aware of the supply-demand fundamentals of the metal.”
“I think as they educate themselves and actually learn the challenges for the silver industry to supply the automotive sector, they will start looking at this industry a lot more aggressively,” Neumeyer said.
Carley Garner, co-founder of the brokerage firm, forecasts silver in the $30 to $36 range.
“I’m looking at silver as a bit of a bellwether because it has both industrial and precious metals properties. It’s lagging both copper and gold,” she said.
“Longer term, we continue to believe that both gold and silver have firmly established higher base price levels,” analysts said.
They believe that increased demand for photovoltaic cells in solar panels and electric vehicles could have an impact on the precious metal long term.
Editor of the newsletter and author of “The Great Silver Bull”, Peter Krauth has a silver price prediction of $300.
He states, “We’re going to see some incredible runs in the silver price the next 5 to 10 years.”
He believes the trigger for a massive move higher will be when the market realizes the Fed is going to stop raising rates.
Krauth believes that by 2030, 100% of all available silver could be swallowed up by industry every year.
He also mentions the gold silver ratio getting back down to 55 or 60 as being incredibly bullish for silver. “And in a speculative mania, I don’t see why it wouldn’t go back down to 15,” he said.
Krauth also agrees that the ratio could drop to as low as 9. Because there are only 9 ounces of silver currently being mined for every ounce of gold.
Founder, Avi Gilburt, sees even more potential with silver than gold. He thinks silver could easily double to $40 an ounce with an eventual price target of $50.
He mentions that because the price of silver has lagged the last few years, it has a lot catching up to do compared to gold.
Nicoyas’ silver price predictions are $35 for 2023 and $75 for 2024.
They expect the Fed to freeze rate hikes in 2023 which will be bearish for the dollar and bullish for silver prices.
They also mention the silver supply flattening out while demand is growing as positive for the silver price.
In their 2023 report titled, “Silver Market May Face Economic Headwinds in 2023”, the Silver Institute has a fairly cautious outlook for the silver market.
Although investment demand was at an all time high in 2022, along with industrial demand, their forecast is only $23.
They cite the Feds economic policy as a major factor in their silver price prediction.
Analysts at the Canadian bank see silver prices averaging the first half of year at $22 and peaking in the third quarter at $22.30. Long term they see prices averaging $21.
They mentioned that “The risks of a global recession have risen since the onset of the U.S. banking crisis. However, it is still early and the situation is far too fluid to make a firm call.”
Portfolio Manager and partner at the firm, Tavi Costa, thinks, “Silver could easily be trading at $30 to $35 an ounce” in 2023.
He cites coming double digit inflation, a bearish stock market and silvers price in relation to gold as catalysts for his bullish sentiment on silver prices.
According to surveys during the LBMA precious metal conference, many analysts see silver prices at $28.30 per ounce by October of 2023.
They mention that safe haven demand is alive and well in the silver markets, pointing to retail investors willing to pay record high premiums on silver coins as mints struggle to keep up.
Founder, Robert Kientz, forecasts silver prices to pop into the $40 to $50 range in 2023.
He cites a coming “deep recession” as to why silver has so much upside potential. And how Goldman Sachs and Bank of America have both warned of a coming turbulent bond and stock market and how that’s a sign the big money knows a recession is coming.
Matt Watson, founder of PMCM, believes the silver price will rise significantly because of its uses as an industrial metal over the next few years.
The increase in silver demand coincides with decreasing mine supply which could push the price to $50 according to Watson.
Nicky Shiels, head of metals strategy, has a silver forecast of $28 to $30 per ounce for 2023.
Shiels mentioned, “Silver is in a shortage… and there is a notable drawdown in the available physical stocks held in New York and London’s physical hubs, more so than seen in gold.”
And, “The largest segment of silver demand is industrial, which equates to almost 50% of total demand.”
Michael Oliver, a technical analyst, has a silver price forecast of $200. He feels that the precious metal can easily increase 10 fold from the mid $20 range.
“Silver will be a better place to be than gold on a percentage basis over the next year or so”, he said.
Editor in chief, Jana Kane, feels the average price of silver will be in the $37.32 range for 2023.
She cites safe haven demand in the face of rising inflation as a potential catalyst for an expected price rise.
“The money supply is overgrowing, and many investors are now afraid that this will cause inflation sooner or later,” she said.
She also touches on silvers use as an industrial metal as being bullish for the price.
Analysts at the worlds largest recycler and trader of precious metals expect that increased sales of solar photovoltaic panels and 5g devices will boost silver demand in 2023 and possibly prices.
They also feel that if the Fed changes its interest rate policy, that could depress the US dollar and support the silver price.
Founder, Gary Savage, feels that the silver market is gearing up for a bullish run to $30 and maybe $50 an ounce in 2023.
He cites the trillions of dollars that have been created as a reason the price of silver can no longer be suppressed. And that silver prices “bottomed out” prior to gold meaning it’s got more room to run.
McEwen has close to 4 decades of experience in the mining industry and believes the silver price will increase by 1,000% and reach $250 by 2027.
He cites the weaponization of the US dollar, causing countries to move away from using it, as a major catalyst for the silver and gold markets.
As a student of economic history he believes that hard assets like silver and gold will benefit from “loose fiscal and monetary policy, the weakening of fiat currencies”.
He also mentions how central banks are buying record amounts of hard assets, because they’re not trusting the currency markets, as another reason silver should do very well moving forward.
Morgans silver prediction is that it will hit $50 in the short term. He said, “Once silver gets above $33 and it stays there for three or four days — or better yet, even two or three weeks — there’s not much holding it back to hit $50 again.”
He cites the new “green economy” as being one factor for increased demand, along with retail investors looking for a safe haven.
On the supply side he mentions the world economy being shuttered and the affects that had on the base metal mines that produce 70% of silver supply.
He also confirmed that last year the world consumed 200 million more ounces of silver than were mined and how that deficit will eventually be reflected in prices.
Founder, Egon von Greyerz, recently said, “I will not be surprised to see $50 silver in 2023, because when silver moves it moves so fast.”
He mentions how silver will move up two to three times as fast as the gold price when it starts to take off.
Greyerz cites, unsustainable debt levels, potential conflict with Russia via Ukraine and unstoppable inflation among other factors that will cause the metal’s price to increase this year.
The AI driven forecasting website predicts silver prices will end the year at $29.96.
By the end of 2024 they expect it to be $40 and $50 by the end of 2025.
Reuters took a poll of 38 analysts and traders and received silver price predictions averaging $23 in 2023 and $24 in 2024.
Bradley Saunders at Capital Economics said, “Silver should begin to outperform gold as China’s economy reopens and global manufacturing activity recovers. The main risk, though, is that high interest rates in developed markets take a significant toll on demand for interest-sensitive consumer goods, such as electronics, which silver is used in.”
It’s important to note that silver price predictions are speculative in nature. Please do not construe the above information as investment advice. We recommend that you do not make any investment decisions based solely on third-party price forecasts.
For further details on the silver market, please reach out to the Certified Gold Exchange or request a free copy of our 2023 Investors’ Guides below.
Or contact the Certified Gold Exchange at 800-300-0715.