As the United States Federal Reserve announced the widely expected interest rate hikes, the prices of precious metals have followed, including that of silver, which has climbed 2.15% over the previous week, leading many investors to wonder about its long-term outlook.
With this in mind, Finbold has consulted finance and cryptocurrency price prediction platform CoinPriceForecast, which relies on artificial intelligence (AI) to deliver its projections, and which has set the price of silver at $28.05 per ounce by the end of 2023, according to the latest data retrieved on May 4.
In other words, should this projection materialize, it would represent a gain of 9% to the price of silver at press time. In the meantime, the platform projects that silver would be changing hands at $27.58 by mid-2023 and that the increases would continue in the years to follow.
Silver price analysis
As things stand, silver was at press time trading at the price of $25.83 per ounce, recording a yearly high and an increase of over 2% in the last 24 hours, a 3.3% gain across the previous seven days, and a nearly 4% growth over the past month, as the charts indicate.
Meanwhile, silver is one of the assets that crypto trading expert and analyst Michaël van de Poppe has suggested buying in addition to gold, Bitcoin (BTC), and other cryptocurrencies, as he advised taking money out of banks and investing in these assets instead.
Notably, van de Poppe is far from being the only one in his views. Indeed, Robert Kiyosaki, a renowned investor and author of the best-selling personal finance book ‘Rich Dad Poor Dad,’ has long recommended silver, gold, Bitcoin, and Wagyu beef as the alternatives to stocks, exchange-traded funds (ETFs), and fiat money like the US dollar, or ‘fake money,’ as he has called it.
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