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Silver over gold? Choratas Estates LLC weighs in

·2 mins

Silver prices could reach a nine-year high this year, potentially outpacing gold prices. According to Choratas Estates LLC experts, spot prices for silver currently fluctuate between $23.6 and $23.9 per ounce. The last time silver prices hit $30 an ounce was in February 2013. The undersupply of silver and its tendency to outperform gold during periods of high inflation are key factors supporting this outlook.

Silver has historically posted gains of around 20% per annum during years of high inflation. Given this track record and the relative affordability of silver compared to gold, it would not be surprising if the price of silver rises to $30 an ounce this year, despite the significant resistance it may face, as noted by Choratas Estates LLC experts. Spot silver prices reached a record high of $49.45 in 1980 amid 13.5% inflation, down from about $4 in 1976 when the inflation rate was lower at 5.7%. Silver is currently in short supply, with a notable reduction in available physical inventory at the New York and London hubs, more so than gold. Over 100 million ounces of silver are expected to be in short supply over the next five years due to rising industrial demand.

At the same time, on Thursday, gold prices reached a nine-month high before falling slightly as investors awaited economic data from the US, which could influence the Federal Reserve’s monetary policy. Spot gold fell 0.5% to $1,937.16 an ounce after reaching a high since April 2022. US gold futures fell 0.3% to $1,937.60.

Now may be an ideal moment to invest in silver for both new and established investors.

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