This is the latest prediction when it comes to the silver price Melbourne. That the silver might reach an all-time high during 2023. This might be the highest price of the last 9 years. The prediction is that the price of silver might go up as much as $30 per ounce.
The prediction is that when you are looking at the percentage of increase between gold and silver, the prediction is that silver will have a much higher increase than gold.
The silver price might go to $30 per ounce this year
The prediction of the silver price going up as high as $30 per ounce this year is made by a couple of economists and expert investors. They think that because of various reasons the price of silver will increase at a fast rate. The last time that the price of silver was higher than $30 was in February 2013 according to the closing price data from Refinitiv.
Another time that the silver price made history with high prices per ounce was in 1980 the price of silver went as high as $49,45. This was against the backdrop of a 13,5% inflation rate. This was the highest record of the silver price, especially when you are considering the inflation rate as well.
The price of silver at the moment
At the moment, the price of silver is ranging from $24,02 per ounce with an inflation rate of 6,5%. This means that the experts predict that silver will increase by more than $6 during 2023. This is just a prediction and they don’t have any proof to show that they are going to be correct with the prediction. The price of silver during 2023 can go even higher, or lower.
During April 2023, the silver price is actually decreasing from what it was three months ago, so it will be interesting to see if their predictions will be correct.
The main reason for the huge increase in value during 2023
What are the economist’s and experts’ explanations for the huge increase in the silver price during 2023? The most important reason for the increase is the shortage of silver production. The reality is that silver is in shortage. There is a drawdown in the available stock held in New York and London’s physical hubs.
The prediction is that silver will decrease by about 100 million ounces in the next five years. And, with the industrial demand getting higher, it will increase the silver price.
What does it mean for investors?
What does it mean for investors? It means that investing in silver is going to get more profitable during 2023 if the predictions are correct. And, it is also recommended that investors should consider investing in silver now, while the price is still low.
The prediction for silver during 2023 is that it will increase to $30 per ounce of silver. This is making the silver price Melbourne about $6 per ounce more than what it was during the last part of 2022. The prediction is based on the shortage of silver and the decrease in production over the next couple of years.