Silver $38 An Ounce In 2023?

Above, circulated Morgan silver dollars. Photo by Armand Vaquer.

Right now, it appears that silver will have a year-ending spot price of $24 or higher. That's good news. That will have it over 3% higher than when 2022 begain.

What's in store for 2023?

KITCO News has an article of survey results that has investors thinking that silver will go to $38/ounce in 2023.

They begin with:

(Kitco News) - The silver market is preparing to end 2022 on a strong note and bullish sentiment among retail investors indicates the rally is just getting started.

This past year has been fairly volatile for the silver market as rising inflation forced the Federal Reserve to aggressively raise interest rates, driving bond yields to a 10-year high and the U.S. dollar to a 20-year high.

During a lackluster summer, silver prices fell to a multi-year low below $18 an ounce; however, shifting expectations surrounding the Federal Reserve's monetary policy stance propelled the grey metal higher in the fourth quarter.

Silver has rallied nearly 38% from its August lows as it looks to end the year just below $24 an ounce. According to Kitco News' latest 2023 Outlook Survey, retail investors see even higher prices through 2023.

This past week 1,482 people participated in Kitco News' online survey, asking investors where they see silver prices by the end of the year. On average retail investors see silver prices rising to $38 an ounce.

Sentiment among retail investors is also significantly more bullish than indicated by the headline number. Only 85 participants, roughly 5% of the vote, said they saw silver prices ending 2023 below $23 an ounce.

Meanwhile, nearly 48% of participants expected silver prices to end the year higher than $38 an ounce.

To read more, go here.