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Retail silver investors' optimistic attitude suggests that the rise is just getting started.
During the summer, silver prices fell to a multi-year low, trading around $18 per ounce; however, in the fourth quarter, a shift in expectations about the Federal Reserve system's monetary policy caused the price of the gray metal to rise.
Silver has increased by roughly 38% since its August lows.
Retail investors anticipate higher prices by the end of 2023, according to the most recent study for 2023.
Investors were asked to predict the price of silver by the end of the year in an online survey that had 1,482 participants last week. Investors anticipate an increase in silver prices to $38 per ounce on average.
By the end of 2023, just 85 participants, or around 5% of the votes, predicted that silver prices will be below $23 per ounce.
By the end of the year, nearly 48% of participants predicted that silver prices would top $38 an ounce.
According to Middleville, Michigan resident Jeff Kresnak, silver prices will double and top $40 per ounce in 2023.
Industrial metal will also be utilized as a form of stock market and inflation protection, according to Jeff. "In my opinion, silver was anchored because the cryptocurrency weighed it down. 90% of individuals who were unduly excited about cryptocurrencies in 2022, in my opinion, will no longer do so; instead, they will switch to silver."
When compared to Wall Street analysts, retail investors are more positive about silver. Most Wall Street analysts anticipate that gold will sell at less than $30 an ounce.
The majority of economists are also bullish on silver since the switch to green energy is boosting industrial metal demand.
The highest price of silver, according to Bank of America analysts, will be around $25 per ounce.
According to Bank of America commodity strategist Michael Widmer: "Investors typically see the silver through both macro and micro lenses: from a macroeconomic point of view, the Fed's reversal and the stabilization of the US dollar should make the precious metal more attractive."
A rise in silver prices to $25 per ounce is another prediction made by Commerzbank.
ElliottWaveTrader.net's founder claimed that silver is beginning a significant bullish rebound that could send prices back to all-time highs of $50 per ounce.
He stated, "I anticipate a fall to the $21-22 silver range to initiate the next significant rise. "Although it might take a while, I anticipate that the price of silver will eventually approach $50. Prices in 2023 and the first half of 2024 may easily double."
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