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AI predicts Silver price for May 31, 2024

AI predicts Silver price for May 31, 2024

Unsurprisingly with April seeing it hit its highest ever end-of-month price, gold has been taking the bulk of the attention of hard commodity investors – though coffee and cocoa might have taken more attention when it comes to commodities more broadly – silver has been no laggard in 2024 either.

The world’s second-biggest precious metal – and the more useful one by far – has seen a significant rise in value of 11.37% since the start of the year up to $26.49 at press time – silver’s highest in over three years.

Silver YTD price chart. Source: TradingView

As a result, and particularly with recessionary fears, inflationary worries, and geopolitical concerns that have given rise to gold’s staggering rise to all-time highs (ATH), various strategists and prominent investors such as Robert Kiyosaki, the author of the best-selling personal finance bookRich Dad Poor Dad,’ have been exceedingly bullish about silver in recent months.

Still, given the rapid pace of price changes in the commodity markets evident throughout 2024, and a relative shortage of short-term forecasts, Finbold decided to consult the artificial intelligence (AI) of OpenAI’s flagship platform – ChatGPT – on how silver might fare by the end of May.

AI sets price of Silver for end of May

Given how much silver has already risen in 2024, the AI of ChatGPT believes the commodity is bound for a month of consolidation and relative stability which would see it trade close to its press time price of $26.49 per ounce at the end of month – that is to say somewhere in the range between $26.50 to $27.00.

Still, the large language model (LLM) also acknowledged there is a noteworthy possibility that silver will, given the state of the world in 2024, rise to between $30 and $35. 

Three scenarios for silver for May 31. Source: Finbold and ChatGPT

ChatGPT singled out the current geopolitical tension – and, by extension, silver’s role as a safe haven for wealth – as well as a potential surge in industrial demand – highlighting its practical usefulness – as the main potential drivers for such a rise.

For context, the precious metal has many uses including being a conductor in electronics and solar panels and even serving as a crucial component of powerful – and expensive – silver oxide batteries.

Finally, though unlikely, ChatGPT does not see the possibility of an event restoring stability to the U.S. economy, stock market, and the dollar as completely impossible. Such an event could see a mass exit from store-of-value assets and the AI estimates it would send silver plummeting to between $23 and $25. 

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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