Expert silver market insights
Our quarterly silver outlook is published in our Quarterly Metals Report, which covers base, precious and ferrous metals. The impact of supply and demand fundamentals and macroeconomic implications for silver is analysed. Our research team produce silver price range forecasts as part of the report.
Silver Outlook – Q4 2023
The price of silver has been rangebound in recent months, following gold, on the back of fluctuating US Treasury yields. Precious metal’s prices are caught between the bearish environment of elevated interest rates and high US Treasury yields on the one hand and growing expectations of global economic slowdown on the other. As silver remains stuck between these two opposing forces, we expect the metal to trade rangebound between $22.50/oz and $24.50/oz until the end of the year.
The global economy performed better than expected so far in 2023, but concerns about a cold winter, rising oil prices, high borrowing costs, and China's economic slowdown are looming large. Central banks are maintaining the narrative of higher-for-longer interest rates due to persistent higher prices, which has weighed on base and precious metals' performance. Despite pledges from Beijing to support the economy, current measures are not expected to have an immediate impact on the real estate sector, which means that there is unlikely to be a large-scale property development that would increase demand for stainless steel prices in the last quarter of the year. Nonetheless, the cumulative impacts of policy support and a dovish monetary policy in China should create a solid foundation for the economy to recover in 2024. Such a transition should push the sentiment from the oversold into neutral. News out of China and the US should bring stronger bounds of volatility in base metals’ performance in Q4 2023.
We will email you each time a new report has been published.