Silver Price Forecast 2020 and Beyond: Will This Precious Metal Fit Into Your Investment Portfolio?
Gold, platinum, and silver have remained the safe-haven assets for hundreds of years. Available in several shapes and types, these precious metals have been luring investors from across the globe who want to diversify their portfolios of typical stocks.
Are you also looking to add silver to your investments, but not confident how this precious metal will perform in the coming years? Wondering what the future holds for the silver market? If yes, this blog is for you.
Ahead, we’ve covered everything you need to know about silver valuation and its performance in 2020. We also have a look at whether silver’s value is set to surge or plunge in 2020 and beyond.
Silver Value Prediction for 2020 and Beyond
When we talk about how far the prices will skyrocket, we must consider two different opinions.
Keith Neumeyer, in his 2018 interview to Kitco, commented that silver has the potential to grow up to an astounding level of $130. His predictions were even more bullish in the past, where he suggested it could surge up to a $1000 barrier.
While many financial experts believe that silver’s value is set to increase, none of them finds it real to expect a 3-digit spike. In 2019, Colin Hamilton, a precious metals analyst at the Bank of Montreal, said that the prices of gold and silver were expected to remain bullish through 2022 because central banks were lowering their federal fund rates to mollify their monetary policies.
The state of central banks across the world, according to Hamilton, could provide for sustained growth for gold and silver in the long run.
In a recently updated forecast for 2020, BMO upped its silver’s price predictions by 2 percent, with an average price of $17.60 for this year. They further predicted an increase of up to 6 percent in silver’s prices by the year 2024.
According to the bank, silver’s outlook remains bullish at a long-run price of $18.25 (increased from previously predicted $17.25).
According to Kitco’s silver future analysis, it’s expected to surge up to $18.34 by the 4th quarter this year and further move up to $19.398 by 2024.
Does the Outlook Makes Silver a Good Fit for Your Investment Portfolio?
According to the trend analysis and what experts say, silver is a safe investment. When the COVID-19 pandemic hit the precious metal market in March, silver fell to an all-time low of$14.06 per ounce from $18.05 per ounce in January, but that was only for a brief period.
The chart below shows us that silver prices started to rebound and reached a peak of $18.88per ounce in May. Though the current price of silver is recorded at $17.93 per ounce, the trends tell us that it’s bounded to increase.
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