As the price of silver has been struggling to remain above the price mark at $29 amid the United States Federal Reserve (Fed) indicating only one rate cut this year, a popular artificial intelligence (AI) model has provided insights that reveal when the white metal could hit $50.
Indeed, silver has been recording significant drops in the past month as precious metals demonstrate weaker appeal, despite Fed Chair Jerome Powell acknowledging a slowdown in the disinflation process and the cooler-than-expected Consumer Price Index (CPI).
Silver price prediction
In this context, the most recent and advanced model of OpenAI project ChatGPT, ChatGPT-4o, has analyzed available information to deliver a forecast that silver could achieve the price of $50 “within the next 1 to 2 years if the supply constraints persist and industrial and investment demand continue to rise.”
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Specifically, as the AI chatbot explained:
“Historical patterns, bullish technical indicators, and positive expert forecasts all suggest a strong possibility for silver to reach the $50 mark again. However, investors should closely monitor market dynamics and broader economic indicators to gauge the timing accurately.”
Additionally, according to ChatGPT-4o, “silver has shown strength by breaking above the $25 level,” and “analysts have identified key resistance and support levels, with the next target around $35 as a near-term ceiling,” and it has also stressed that the Commitment of Traders (COT) report was “showing increased bullish sentiment among traders.”
Silver price analysis
So, how much is a kilo of silver worth at the moment? For now, the white metal is changing hands at the price of $29.38 per ounce or $944.65 per kilogram, which suggests a decline of 1.65% in the last 24 hours, a loss of 3.94% over the last week, while advancing 2.66% across the past month, per data on June 13.
Meanwhile, Kitco’s gold and silver analyst Hubert Moolman has projected that silver could peak at $134.65 per ounce in 2028, providing a technical analysis (TA) of the metal’s historical chart patterns, arguing the actual target could even be higher, as his chart only contains closing values.
Ultimately, silver could, indeed, reach the price of $50 in the period set by ChatGPT-4o, but it would be unwise to blindly rely on the insights provided by a generative AI bot, and traders should instead do their own research and carefully weigh the risks before investing.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
