In spite of the tumultuous economic climate of late, there has been an upward trend in the price of silver lately. With silver prices reaching their highest levels in three years, many people are wondering: could the silver price really hit US$100 per ounce?
The short answer is yes, the silver price could feasibly hit US$100 per ounce in the near future. The current spot price of silver is around US$24.85 per ounce, according to theinvesting.com. In order to reach US$100 per ounce, the price of silver would need to more than quadruple.
While silver is no stranger to volatile price swings, there are several potential factors that could cause a rapid increase in the silver price. If investors continue to lose confidence in the traditional stock market, they could start to look at precious metals as a hedging tool and pour more money into the silver market.
Inflation is another factor that could potentially push the price of silver higher. If inflation continues to rise, it could force investors to increase their investments in safe-haven assets such as silver to preserve their wealth.
Finally, silver industrial uses could also play a role in driving up the silver price. With the increasing demand for solar energy, silver is expected to be used more densely in the manufacturing of solar cells, photovoltaics, and other solar-energy related technologies.
Overall, if all of these potential factors come into play, it is definitely possible for the silver price to hit US$100 per ounce by 2023. Although silver’s price fluctuations are known to be volatile, it is still worth keeping an eye on the silver market in case any of these factors start to push the price higher.
