Thanks to the developments in artificial intelligence (AI), kickstarted by the launch of the text-based AI platform ChatGPT by OpenAI and further assisted by the invention of Google Gemini and other popular products, the technology has proven handy in analyzing trends in various markets, including silver.
Indeed, taking into account such an instrumental role in forecasting the prices of assets and commodities like the popular precious metal, Finbold has tasked the generative conversational AI innovation by Google (NASDAQ: GOOGL) with projecting the price movements of silver by the end of 2024.
Google Gemini silver price prediction
Notably, Google Gemini has offered a possible low-end price range prediction for silver by the end of this year that stands between $20 and $24 per ounce, as well as a high-end forecast that sees silver between $28 and 34.70 per ounce, reflecting “the varying predictions from experts.” Specifically:
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“Some analysts, like LongForecast, consider a potential decline in investment demand later in the year, leading to a lower price point. Others, like Investing Haven, are bullish due to factors like a weaker dollar and rising industrial use.”
At the same time, the AI chatbot highlighted the interplay of important factors influencing its silver price prediction, including the precious metal’s use in industry and its investor demand, as well as the role of the United States dollar and the price of gold.
Silver price analysis
Meanwhile, silver’s price at press time stood at $27.37 per ounce, which suggests a decline of 44.65% from its all-time high (ATH) of $49.45 per ounce in early 1980 but, nonetheless an increase of 0.59% on its daily chart, a decline of 5.18% across the week, and an advance of 11.26% over the past month.
So, how much is a kilo of silver worth at the moment? Right now, silver measured in kilograms is worth $879.92 per kilogram, which is about equal to one traditional poured silver bar – a popular choice among investors for storing their silver holdings.
It is also important to note that silver is entering its fifth consecutive year of supply deficits, intensified by heightened demand in technology and renewable energy sectors, and Bloomberg’s senior commodities expert Mike McGlone has shared a bullish prediction for silver above $30.
Elsewhere, as the demand for the precious metal skyrockets and reports surface that silver is quietly outpacing gold in 2024, silver-backed cryptocurrencies like Aurus’ tSILVER (TXAG) and Kinesis Silver (KAG) can offer exposure to it for those who prefer assets’ tokenized versions, as is the case with gold-backed cryptos.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
