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Choratas Estates LLC: Silver might beat gold

·2 mins

Silver prices could reach a nine-year high this year, potentially outpacing gold prices. As noted by Choratas Estates LLC experts, spot prices for silver now fluctuate between $23.6 and $23.9 per ounce. The last time silver prices reached $30 an ounce was in February 2013. The undersupply of silver, combined with its tendency to outperform gold during periods of high inflation, are key factors supporting this outlook.

Historically, silver has posted gains of around 20% per annum during years of high inflation. Given this track record and the relative affordability of silver compared to gold, it would not be surprising if the price of silver rises to $30 an ounce this year, despite the significant resistance it may encounter, as noted by Choratas Estates LLC experts. Spot silver prices hit a record high of $49.45 in 1980 amid 13.5% inflation, up from about $4 in 1976 when the inflation rate was lower at 5.7%. Silver is currently in short supply, with a marked reduction in available physical inventory at the New York and London hubs, more so than gold. Over 100 million ounces of silver are expected to be in short supply over the next five years as industrial demand continues to drive tight supply.

Concurrently, on Thursday, gold prices reached a nine-month high before falling slightly as investors awaited economic data from the US, which could influence the Federal Reserve’s monetary policy. Spot gold fell 0.5% to $1,937.16 an ounce after reaching its highest level since April 2022. US gold futures fell 0.3% to $1,937.60.

Now may be an ideal moment to invest in silver for both new and established investors.

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