Silver Price Forecast for 2024 and Beyond

If you’re interested in investing in silver, you picked the right time to turn your attention to the white metal. Analysts' silver price forecasts range from the precious metal hitting $30 an ounce to it shooting up to $50 an ounce this year, potentially breaking out of the range between $20 and $24, where it has stayed for the last 3.5 years. 

Silver’s spot price hit a 52-week high on May 19, reaching $32.51 amid a rally where the precious metal’s price rose 40% since the beginning of the year. Where is it headed? Here’s a look at the silver price forecast for 2024 and beyond.

Historical Price Performance of Silver

In the last 50 years, the price of silver has fluctuated, rising and falling with changes in economic factors. On Jan. 17, 1980, the spot price of silver hit a high of $49.45, with an average peak of $20.98 for the year after a decade of languishing below $10 an ounce. 

It again fell below $10 an ounce before rising to an average price of $14.99 in 2008 as investors sought shelter and bought up precious metals during the global banking collapse.

The massive quantitative easing policy of the U.S. Federal Reserve to prop up the economy brought on additional silver investments. The price of silver climbed to $48.70 by 2011, with an average price of $35.12. However, silver prices fell back, hovering between $16 and $20 an ounce until 2020. It then broke through with average prices of $20.69 in 2020, $25.14 in 2021, $21.76 in 2022 and $23.34 in 2023.

The 2020 COVID-19 pandemic spread economic uncertainty, again sending investors looking for safety in precious metals. The inflation and interest rates that followed also impacted the price of silver over time.

Factors Influencing the Price of Silver

Silver is often considered the poor cousin of gold, and it typically tracks the movement of gold. While investors use both precious metals as a store of value, silver tends to be more volatile because of its high industrial use. Those dual purposes of silver make it more easily influenced by supply and demand, geopolitical uncertainty and the strength or weakness of the U.S. dollar.

Silver has been used in medicine for centuries, and it is also highly sought after for other industrial uses, such as jewelry, mirrors, and electronics. The push for clean energy has a growing influence on silver, pushing up demand for silver used in windmills, electric vehicles and solar panels.

Considered by many as being undervalued, silver is drawing interest from investors who are betting on interest rate cuts among central banks. When interest rates drop, investors tend to move away from interest-bearing assets toward gold and silver.

Silver Price Forecast for 2024-25

Through the remainder of 2024 and into 2025, analysts forecast the price of silver to rise as buying increases because of geopolitical tensions, the U.S. presidential election and the anticipated actions by the Federal Reserve. Continued fighting between Ukraine and Russia and the possibility of a wider conflict in the Middle East can drive investors to seek a haven in silver. 

The same is true of the unpredictability of the outcome of the U.S. presidential election and its wider implications for foreign and trade policies. Investors also expect the Federal Reserve to lower interest rates, which can make silver more attractive to investors.

Some market watchers have revised their silver price forecast since the beginning of 2024. ANZ Research initially forecast an average price of $25, raising the forecast to $27 an ounce and possibly $31 an ounce by year-end. ING estimated a price of $23.50 in February and upped that to $27.50 in June. 

Both raised their estimates for 2025: $33.20 per ounce from $23.50 for ANZ and $28.50 from $23.50 for ING. The World Bank expects silver’s price to increase to $25, or 7% over 2023, and an additional 4% in 2025.

Silver Price Forecast for 2026-2030

As silver demand continues to outstrip supply, some investors expect the price of silver to rise precipitously, with average silver prices bounding up the stairs from $70.33 in 2026 to $102.19 in 2027 to $148.49 in 2028 to $213.69 in 2029 to $307.45 in 2030. 

The Minerals Council of Australia (MCA) says the same monetary policies and investments expected to drive up the price of gold by 2030 will push its poor cousin along, too. The MCA predicts silver prices will surge 27% because of increased demand for silver for consumer electronics and solar photovoltaic cell production.

Silver Price Forecast for 2031-2035

Most analysts are hesitant to predict any price trends beyond five years. However, most agree the silver outlook appears bright. They expect increased silver demand from emerging markets, solar PV cell production and other industrial applications to continue influencing silver's price growth.

PricePrediction.net’s silver price prediction for 2031 has an average trading price for silver at $429.64, rising to an average price of $915.83 in 2033. PricePrediction.net warns of any long-term silver price forecast after that.

How to Invest in Silver

If you want to invest in silver, you can do so in two ways: buy bullion or buy securities. Buying bullion means you can own tangible bars or coins. Consider the costs of shipping and storing your physical bullion to understand your return on your investment. 

For securities, you have several choices. You can invest in the stocks of mining companies or silver exchange-traded funds (ETFs). You also can buy silver futures or options. While the outlook on silver is positive, it can be volatile and influenced by industrial demand, economic uncertainty, and supply constraints.

Where to Invest in Silver

If you’re ready to invest in silver, here’s a comparison of the best places to invest in the white metal:

Decide Whether Silver Investing Is for You

Investors have used silver to hedge against inflation, and many analysts predict silver’s time in the limelight has arrived. Though its industrial use may make it more volatile than gold, industrial applications continue to grow as a key driver of silver’s value. 

Analysts predict silver’s finite supply and low production compared to demand will continue to push up prices in the foreseeable future. Consider whether diversifying your portfolio with silver fits your financial situation, risk tolerance and investment goals.

Frequently Asked Questions