While gold has taken much attention in 2024 thanks to a combination of factors including its stellar year-to-date (YTD) rise, the highly bullish year-end price target which predicts a surge to $3,000, its general prominence in the commodity markets, and others, the other major precious metal – silver – has been no laggard either.
Indeed, the commodity has itself performed strongly since the start of 2024 and is up nearly 24% in the time frame with silver price today standing at $29.29.
Additionally, the precious metal is likely to continue its growth thanks both to various market and economic factors and its industrial importance for electronics which are themselves – thanks in part to the artificial intelligence (AI) boom – growing ever more prominent.
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Despite the many positive developments, silver has been trading downward of late and remains under some selling pressure for the third successive day on Friday and touches a two-and-half-week trough during the Asian session.
With the long-term positive and short-term negative trends in mind, Finbold decided to consult the most advanced model of OpenAI’s flagship AI platform, ChatGPT-4o, on where the commodity might stand at the end of 2024.
ChatGPT sets silver price target for end of 2024
Having analyzed the recent comings and goings of the commodity markets, ChatGPT quickly concluded that silver is likely to continue rising through the remaining five and a half months of 2024.
Therefore, the AI’s year-end price target for the precious metal stands at $35, and the platform explained that the current geopolitical instability, generally bullish market sentiment, overall market dynamics, and technical analysis all push it toward such a forecast.
When asked to name the most important factor for the future performance of silver, ChatGPT explained it is the Federal Reserve – much as it did when forecasting the price of gold – and its policy toward inflation, given the effects of interest rates on financial and industrial conditions.
The AI also conceded that both a more bullish and a more bearish scenario remains plausible – each dependent on what happens with regard to the factors it already identified as crucial for silver’s price.
The more optimistic scenario, per ChatGPT’s analysis, could see the precious metal surge all the way up to $45, while setbacks could drive it down to $25 – just above its January prices.
Finally, once warned that it based the analysis on the slightly outdated silver price of $31, the AI explained that the most recent correction toward $29 does not change the fundamentals and is insignificant for its analysis.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
