Silver price set to rebound to $28 an ounce in the fourth quarter, predicts bank By Proactive Investors

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Silver price set to rebound to $28 an ounce in the fourth quarter, predicts bank

Published Apr 24, 2024 13:22

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Proactive Investors - Deutsche Bank (ETR:DBKGn) has revised its silver price forecasts upward by 5% for 2024 and 2025, attributing the increase to the metal's close correlation with gold prices.

While a potential correction in gold prices is anticipated to be mild, silver prices are expected to dip to $26 per ounce in the third quarter before rebounding to $28 per ounce in the fourth quarter of the year, the German bank said.

It also noted that silver's performance is currently less influenced by its traditional driver, manufacturing activity, which remains sluggish.

Industrial production growth is hovering near stall speed, and while a modest recovery is expected after the mid-2023 trough, the impact on silver prices from this sector remains minimal.

According to Deutsche's analysis, manufacturing tends to be a weaker driver for silver prices outside of recession periods and early recovery phases, suggesting that investors might see more influence from macroeconomic factors and gold price movements in the near term.

The spot price is currently just below $22 an ounce.

Read more on Proactive Investors UK

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Comments (1)

Matt Hester Apr 24, 2024 15:36

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How about it’s the biggest silver deficit in 20 years, and it’s only going to get worse, silver shortage should see this over $30 by now

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Matt Hester Apr 24, 2024 15:36

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Hang on…. This is old article, get up to date articles to post. This like January or February 2024 this article

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Silver price set to rebound to $28 an ounce in the fourth quarter, predicts bank

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