Silver price surge continues on safe haven demand as experts predict further gains in 2024
Silver prices have again begun to surge and new forecasts suggest the upward trend for both it and gold is gathering momentum.
The precious metal has hit a new seven-day high of US$33.93 per ounce, with analysts suggesting more upside to come with it having broken through the crucial US$33.60/oz barrier.
With a tight US presidential election looming, major conflict in the Middle East ramping up and various banking administrations loosening their interest rate nooses, silver and gold are again being seen as a financial safe haven.
Sustained run
According to Long Forecast, silver will hit US$39.68 by the end January before continuing to a high of US$41.29 in February.
After a few dips in March, it is predicted to hit US$42.23 in April, US$45.22 in July and finish the year at US$44.05.
According to the latest data from Commodities Futures Trading Commission, interest in silver futures contracts had reached 141,580 contracts, each representing 5,000oz of silver.
The new interest in silver is also being reflected on the Australian Securities Exchange, with a number of new listings and mergers and acquisitions throughout 2024.
Continued relevance
According to the Minerals Council of Australia (MCA), the nation is now estimated to have the world’s third largest silver resource.
The MCA said that while silver’s role in underpinning financial systems has slipped a little, new uses in modern technology had ensured its continued relevance.
For example, the electronic components that enable 5G technology in mobile phones are reliant on silver and its high conductivity speeds.
More than 96Moz of silver – whose strong conductivity enhances their efficiency at converting light into electricity – are used each year in the manufacture of solar panels.
Australian scientists are also reportedly trialling a world-first brain cancer therapy that involves injecting nanoparticles laced with silver into inoperable brain tumours.