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Silver prices forecast for 2024 as per Bank of America

Bank of America remains bullish on silver prices, predicting an increase throughout the latter half of 2024 and into 2025.

BofA Metal Strategist Michael Widmer sees the silver price rising to a 2026E average of $35/oz (vs. $29.28/oz spot). This bullish forecast stems from several factors, including an anticipated end to central bank interest rate hikes and increasing investment in precious metals.

While acknowledging the year-to-date strength in silver prices, BofA believes there’s still room for growth. They project a positive spillover effect from the gold market, with gold prices expected to reach $3,000 per ounce by 2025.

However, the report also recognizes the challenge of finding pure silver mining equities. Due to the nature of silver mining, it’s often produced alongside other metals like copper or zinc.

“Unlike gold, ‘pure’ silver exposure via mining equity investments is difficult to find,” states the BofA note. They point out that even companies primarily focused on silver mining might have less than 50% of their revenue derived from the white metal.

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