We are now almost through the second month of the year 2024 and already the Silver Price in 2023 has largely been avoided by the markets. The Silver Price is often seen as an indication of silver’s performance during the entire year. It is therefore important to look back and review how accurately the Silver Price in 2023 provided an insight into silver’s performance in the year.
At the start of 2023, silver was trading at around $22.59 per ounce. This was the highest level that silver had been trading at since 2018. Silver prices moved higher for the rest of the year and peaked for the year at $29.88 per ounce in November of 2023. This was an increase in silver prices of 31.7%; the best annual performance for silver since 2015.
The rise in silver prices in 2023 was in line with a stronger US dollar and higher commodities prices overall, but it was the continuation of the demand for silver that really drove up the price. The demand from jewellery manufacturers and from investment funds looking for exposure to a safe haven asset kept driving silver prices higher.
However, silver’s performance in 2023 wasn’t without its bad moments. In March of 2023, silver prices dropped by nearly 7% in a single day when safe haven demand suddenly waned, as the pandemic-fueled recession that began in 2020 had largely subsided. Later in the year, a resurgence of Covid-19 cases across the US weighed on silver prices once again.
Despite these setbacks, silver prices ended the year on a positive note and ended the year up 31.7%, as it rose from its opening price of $22.59 per ounce at the start of the year to $29.88 per ounce in November of 2023.
The outlook for silver going into the year 2024 depends largely on the performance of the US dollar and commodities markets in general. Given that commodities prices have been on an uptrend since the end of 2020, it is likely that silver prices will continue to be supported by further gains. Additionally, safe haven demand should remain robust given the current state of turmoil in the world economy.
Overall, the silver price in 2023 provided a kaleidoscope of various gains and losses but ultimately taught us that the ever-changing market conditions present both short term and long term opportunities. As always, it pays to be resilient in both the bull market and bear market and that past performance should not be a reliable indicator of future returns.
We are now almost through the second month of the year 2024 and already the Silver Price in 2023 has largely been avoided by the markets. The Silver Price is often seen as an indication of silver’s performance during the entire year. It is therefore important to look back and review how accurately the Silver Price in 2023 provided an insight into silver’s performance in the year.
At the start of 2023, silver was trading at around $22.59 per ounce. This was the highest level that silver had been trading at since 2018. Silver prices moved higher for the rest of the year and peaked for the year at $29.88 per ounce in November of 2023. This was an increase in silver prices of 31.7%; the best annual performance for silver since 2015.
The rise in silver prices in 2023 was in line with a stronger US dollar and higher commodities prices overall, but it was the continuation of the demand for silver that really drove up the price. The demand from jewellery manufacturers and from investment funds looking for exposure to a safe haven asset kept driving silver prices higher.
However, silver’s performance in 2023 wasn’t without its bad moments. In March of 2023, silver prices dropped by nearly 7% in a single day when safe haven demand suddenly waned, as the pandemic-fueled recession that began in 2020 had largely subsided. Later in the year, a resurgence of Covid-19 cases across the US weighed on silver prices once again.
Despite these setbacks, silver prices ended the year on a positive note and ended the year up 31.7%, as it rose from its opening price of $22.59 per ounce at the start of the year to $29.88 per ounce in November of 2023.
The outlook for silver going into the year 2024 depends largely on the performance of the US dollar and commodities markets in general. Given that commodities prices have been on an uptrend since the end of 2020, it is likely that silver prices will continue to be supported by further gains. Additionally, safe haven demand should remain robust given the current state of turmoil in the world economy.
Overall, the silver price in 2023 provided a kaleidoscope of various gains and losses but ultimately taught us that the ever-changing market conditions present both short term and long term opportunities. As always, it pays to be resilient in both the bull market and bear market and that past performance should not be a reliable indicator of future returns.
