ANZ Bank: Silver has a positive outlook for 2023 as a cheaper alternative to gold

Australia’s ANZ Bank gives silver a positive outlook for 2023. Prices for the precious metal have increased by more than 30% since the middle of last October. 

Economists at the bank expect that despite some price correction in the near term, silver is likely to have further support of fundamentals. 

The precious metal’s supply-demand balance seems to be quite sustainable. The rise in demand is mostly driven by adoption of green energy sources. Demand for bars and coins remains high, as well as the premium for coins.

Investors are in search of cheaper alternatives to gold. ANZ Bank analysts believe that silver might be great for that role. According to the bank’s forecasts, the two precious metals will perform well in tandem.