Silver will continue rising in 2023

Analysts consider that silver is going to be increasing throughout the current year.

According to the latest survey of investors, conducted by the Kitco company, respondents suppose that the price of silver might get higher over 2023. In the course of the research, a total of 1482 investors were surveyed. As shown by the survey’s results, the average silver price prediction is $38 per ounce. The 85 respondents, which is 5% of the total, expect the price of this precious metal to go below $23 per ounce towards the year’s end. At the same time, nearly half of all respondents, or 48%, predict the quotations of silver to exceed $38 per ounce in late 2023.

As it is believed by Jeff Kresnak from Michigan, silver prices might get two times higher during the current year, thus going above $40 per ounce. He shared this point of view in his email to Kitco News. Kresnak considers the precious metal to be a stable asset, and he suggests the metal will be widely used as protection against inflation and stock market volatility.

A rally in silver is also expected by most Wall Street analysts, although many of them note that its price will be less than $30 per ounce.

Senior technical analyst at Kitco.com Jim Wyckoff also shared his opinion on a possible range of silver prices during this year. He expects the prices to trade within a range between $22 to $27 per ounce.