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India is a major consumer and importer of silver, as Indians invest in the metal quite heavily. However, 2022 was a tough year for silver. The uncertainties looming over China’s industrial demand and the strengthening of the US dollar, coupled with increasing global interest rates, resulted in the poor performance of silver in 2022. 

 

To top it all, there are concerns that the silver market on a global scale may look bearish, with deficits of over 100 million ounces for the next few years. This leads to a dilemma of whether the silver price will increase or decrease in the future.

 

To find out the silver price prediction in India and to know if investing in silver is ideal in 2023, read on.

Silver Price Predictions Table

Despite silver getting a strong start in the first quarter of 2022, the latter part of the year turned out to be disappointing. Since the interest in this commodity waned, the market rate of silver underperformed throughout 2022. 

 

If you are thinking about silver’s future price and factors weighing on the market trend of silver, check out the table with a few latest 2023 silver rate predictions from various analysts within and outside of the silver industry.

Name of the Analyst

Future Price of Silver for 2023 and Beyond

Trading Economics

$18.58

Wallet Investor

$25.457

Gov Capital

$27.895

LBMA Analyst Survey

$28.30

Bank of America

$25

The Morgan Report

$30-$33

Sprott Money

$35

CPM Group

$20.90

Investing Haven

$34.70

Metals Focus

$21

Disclaimer: Aforementioned rates are arbitrary and may change due to varying economic factors globally.

 

When assessing silver prices in the next 5 years in India, remember that you need to factor in conditions like market volatility. Hence, estimating silver’s future price for the next 5 years or more is difficult. 

 

As such, silver price predictions calculated by analysts or other algorithm-based platforms can go wrong, and you cannot entirely rely on such predictions. 

Three Ways to Predict Silver’s Price

It is evident that silver’s future price is based on a multitude of factors, such as the US dollar rates, inflation, global economic conditions, and technical and industrial factors, to name a few.

 

However, if you are keen on predicting the silver price in the next 5 years in India or across the globe, you need to keep tabs on these three critical factors impacting the rate of silver.

  • Demand for the investment

  • The ratio of gold to silver

  • Silver rates moving in tandem with the price of gold

 

Historically, these three factors have had the most influence on silver’s future price, and monitoring them lends itself to the silver price prediction in India and across the globe.

Demand for the Investment

Despite fluctuations in silver investments across the years, the rate of silver does not appreciate or depreciate drastically. This is precisely why silver, similar to its golden counterpart, is considered a safe haven for investors.

When the industrial demand for silver increases, the silver market may witness an increasing trend and vice versa. However, if you have experienced a major spike in the silver rate, this is due to the demand for this precious white metal.

 

Simply put, when investors invest abundantly in silver, you can see a significant increase in the rate of silver. With silver ETFs being traded in the stock market, most analysts predict an increase in the demand for silver throughout 2023.

 

Furthermore, the silver rate may also witness a spike due to the increasing technological, medical and industrial requirements. With silver exhibiting unique properties, such as resistance to corrosion, high ductility and malleability, strong thermal conductivity, etc., it is no surprise that there is an enormous demand for silver in India.

 

All these points strongly hint that assessing the demand for this investment is a smart approach to predicting silver’s future price.

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The Ratio of Gold to Silver

The second way to predict the rate of silver is to analyse the gold/silver ratio. When you divide the rate of gold by the silver rate, the value you arrive at is termed as gold/silver ratio. 

 

This ratio depicts how many ounces of silver it actually requires to purchase one ounce of gold. For instance, if the price of an ounce of gold is $2,000 with the silver price being $20 an ounce, then the gold/silver ratio is 100:1.

 

With gold and silver being considered potential investment avenues, this can be a great clue to predicting the future price of silver. 

Silver Rates Moving in Tandem with the Price of Gold

Thirdly, the most crucial factor to help you predict if the silver price will increase or decrease in the future is the association of the silver rate with the price of gold.

 

While this factor is historically normal, one of the concerning factors for investors is that the price of silver can be dormant at times, despite the increasing trend in the rate of gold. However, the usual norm is that silver typically trails gold; you can consider this factor when predicting silver’s future price.

Silver Price History

As per the recent data, the demand for silver, on a global scale, is expected to set a new record in the year 2023. On analysing the silver price history, reports ascertain that the silver market has posted an increase of 9% in the first quarter of 2021, which was the highest increase since 2010.

This is primarily due to the resumption of business and industrial operations in a post-pandemic world. Investors have purchased silver owing to the ongoing economic uncertainties as well.

 

While it touched a high of $28 in August 2020, the rate depreciated to approximately $22 dollar mark by the end of 2020. Post that, the silver rate drastically witnessed an upward trend by February 2021, touching a mark of $30 dollars per ounce of silver.

 

This was precisely when the silver market had garnered the attention of all retail investors. In addition, this jump was noted as an eight-year high silver rate. With an ever-increasing demand for physical silver in 2021, the total consumption was approximately 508.2 million ounces.

 

Furthermore, the sale of silver coins also recorded a high jump of 36% compared to its biggest shortage during the year 2010. In the year 2022, the value of silver rose to $26.90 per ounce from $22.30 per ounce. 

 

However, the rates began declining after the first quarter of 2022 due to the strengthening of the US dollar. 

 

To sum up, the price of silver in 2022 averaged $21.77. With silver price further witnessing an appreciation since the start of 2023, this metal will likely continue with the same trend during 2023. 

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Is Silver a Good Investment in 2023?

With reports hinting the average price of silver to be averaging between $23 per ounce in 2023, investing in silver is a smart approach to earn returns. Silver may also outperform gold in the near future, considering the increasing global demand for this white metal.

 

With analysts being cautious of their predictions about silver’s future price, you need to be cautious too. You need to perform thorough research before planning to invest in silver in 2023.

 

That said, silver has always remained a valuable asset, and its rate rarely witnesses a major dip due to economic market conditions. With silver retaining its purchasing power, it is undoubtedly considered a good investment like its gold counterpart.

FAQS on Silver Price for the Next 5 Years

Is silver a good long-term investment?

Yes, silver acts as a potential hedge against inflation like gold. Thus, investing in silver is considered a safe haven for investors. Remember that despite the fluctuating silver prices over the years, the intrinsic value of this precious white metal has never waned away. 


So, you can invest in silver with silver’s future price predicted to increase.

Will the silver price go up or down in 2023?

As per the reports given by analysts within and outside the silver industry, the future price of silver is expected to increase in 2023. This is because the silver price has risen above $23 from the previous low rate of $18 since the start of this year.

What is the silver price in the last 5 years?

The silver price witnessed various trends owing to the increase in silver demand. While the year 2020 saw a price of $28 during August, the rate decreased to an average of $22 by the end of 2020. 

 

With a good jump in February 2021, the silver rate touched $30. However, geopolitical factors and the strengthening of the US Dollar resulted in the depreciation of the silver rate.

 

Should I buy silver or gold right now?

Before purchasing gold or silver, it is ideal to check the rates of these precious metals. With gold having a slightly upper edge than silver, you can consider investing in gold. Remember that silver rates move in tandem with the price of gold. Hence, you can invest in either of the two precious metals, as silver’s future price is also predicted to increase.

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