TD Securities: silver will exceed $23 at the end of 2024, after falling to $18

According to strategists of Canadian investment bank TD Securities, silver prices will continue to decline in the near future. The precious metal will gradually begin to recover at the end of 2023, when its price will reach about $21 per ounce, and by the end of 2024 silver might even rise to $23 or more.

This year, silver has performed quite disappointingly, as it plummeted from a peak of almost $27 in March to $17.55 at the beginning of September.

Analysts forecast that the upcoming silver sell-off will be much more severe than that of gold. It’s primarily caused by silver's higher volatility and its sensitivity to the state of the industrial economy. In addition, in the first quarter of 2023 silver might be affected by the anticipated monetary policy tightening by the U.S. Federal Reserve (Fed). Regarding this, at the beginning of next year, silver prices might fall below the average level of $18 per ounce.