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Choratas Estates LLC tips silver as a gold rival

·2 mins

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

Silver has historically posted gains of around 20% per year during high inflation periods. Given this track record and how cheap silver remains relative to gold, it wouldn’t be surprising if the price of silver rises to $30 an ounce this year, although it may face significant resistance, as Choratas Estates LLC experts note. Spot silver prices hit a record high of $49.45 in 1980 amid 13.5% inflation, down from about $4 in 1976 when the inflation rate was lower at 5.7%. Silver is 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 due to rising industrial demand.

Meanwhile, 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 hitting a high since April 2022. US gold futures fell 0.3% to $1,937.60.

Now may be a perfect time to invest in silver for both new and established investors.

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