As we approach the end of 2023, it is time to take a look at what silver prices have done over the course of the year. Although silver prices have experienced some volatility just like other commodities, they have ultimately gone up in value. This is particularly important because the precious metal represents a safe-haven for investors. Its overall value is often seen as a reflection of the global economic health.
The year began with silver prices at around US$17.50 per ounce. This was a modest increase from the beginning of 2020 when it was US$15.50 per ounce. This was driven largely by an increase in demand for silver’s industrial and corporate uses. This was supported by a steady global economic recovery and the opening of lockdown restrictions worldwide.
Throughout the year, silver prices experienced a series of peaks and troughs. This was due in part to the ongoing geopolitical tensions and the uncertainty surrounding US monetary policy. The 9th June saw a notable spike when silver prices reached US$32 per ounce before correcting back down to US$25 per ounce.
However, silver prices made a remarkable recovery in the latter half of the year. This was driven by an increase in demand from central banks for silver as well as investors seeking safe-haven investments. By November, silver had reached US$40 per ounce. This was the highest it had been since February 2013. This is in stark contrast to gold prices, which remain around the same level they were at the beginning of 2020.
Overall, it has been a successful year for silver. The metal continued to prove itself as a valuable and reliable safe-haven for investors. Looking to the future, silver prices are expected to remain higher than what they were in 2020, though there is still some uncertainty as to what the effects of the ongoing Covid-19 crisis will be. Nevertheless, silver remains a sound investment for those looking to secure their long-term financial stability.