Despite Last Week's Dip, Silver Remains the Top Performer for 2024

Silver outshines gold in 2024 with a 35% surge, driven by strong demand and favorable market conditions. Experts forecast further gains up to $48 per ounce.

 Gold Vs Silver (photo credit: PR)
Gold Vs Silver
(photo credit: PR)

Silver continues to shine as the standout precious metal of 2024, even after experiencing a minor setback last week. The metal has significantly outpaced gold in terms of percentage increase, marking a remarkable performance in the financial markets.

  • Significant Price Increase: Silver prices have surged nearly 35% since the start of 2024, closing at approximately $32.00 per ounce as of May 21.

  • Gold's Modest Gains: In comparison, gold's year-to-date (YTD) increase has been around 13%, showcasing a more modest performance.

  • Key Drivers:

    • Supply-Demand Dynamics: Favorable conditions in the market have supported silver's price increase.
    • Federal Reserve Expectations: Anticipated interest rate cuts by the Federal Reserve have bolstered silver's appeal.
    • Industrial Demand: Increased use of silver in electronics and renewable energy sectors has driven its value up.
  • Expert Insights:

    • Jon Little, Silver Academy Reporter: Believes that current U.S. administration policies will lead to a devaluation of the U.S. dollar, further boosting silver prices. He also predicts that the gold-to-silver ratio will continue to favor silver.
  • Positive Forecasts:

    • Analyst Predictions: Several analysts and institutions forecast silver prices to range from $30 to $48 per ounce by the end of the year, highlighting its strong outlook compared to gold.
  • Performance Comparison:

    • Despite a recent dip, silver's growth percentages in 2024 range from 22% to 35%.
    • Gold's increase stands at around 13%, making silver a compelling asset for investors seeking substantial returns.

As market dynamics continue to evolve, silver remains a standout performer, offering promising potential for those invested in the precious metals market.

This article is for informational purposes only. The opinions and analysis herein are those of the author and are not financial advice. The Jerusalem Post (JPost.com) does not endorse or recommend any investments based on this information. Investors should consider their financial situation, investment goals, and risk tolerance before making any decisions. Consulting a qualified financial advisor is recommended. JPost.com is not liable for any investment losses from using this information. The information provided is for educational purposes only and should not be considered as trading or investment advice.