As the global economy continues to recover and global demand for silver strengthens, traders and investors are looking to the silver price for 2023 to decide if it is a viable investment. Silver is commonly used as an investment because it is a precious metal that is both rare and highly liquid, making it a useful hedge against inflation or a store of value. In this article, we’ll take a look at the silver price for 2023 and review its performance year-over-year to see if it is an advantageous asset to own.
At the beginning of 2023, the silver prices were hovering around $20.50 per ounce, but have since started to gain strength as the global economy has recovered. The current price of silver is now around $26.80 per ounce, a 30.5% increase since the start of this year. This indicates that silver is an attractive buy and hedging against inflation for many investors.
To gain a better understanding of silver’s performance in 2023, it’s important to look at its performance year-over-year. During the first quarter of the year, silver prices rose steadily and managed to reach a high of $27.91 per ounce. This was mainly due to increased demand as investors sought to protect their assets from potential inflationary pressures. In the second quarter, the price of silver fell slightly as investors reacted to news of the US government’s infrastructure plan, which led to a dip in demand. However, the price quickly recovered and ended up increasing by the end of the quarter.
The third quarter was much more volatile for silver prices, with prices swinging between highs of $32.18 and lows of $26.51. This resulted in an 11.3% decrease in price from the beginning of the quarter. Investors were largely uncertain about the future of the silver market due to the ongoing US-China trade conflict, so many opted to sell their positions.
The fourth quarter of 2023 proved to be far more stable than the rest of the year, as silver prices remained relatively resilient. Despite rising tensions in the US-China trade dispute, silver prices ended the year strong, closing at $28.43 per ounce for a 17.2% increase from the start of the year. This indicates that silver is a good buy, as investors’ demand for the metal remains relatively strong despite the ongoing political uncertainty.
Overall, silver prices experienced a volatile but positive year in 2023. The start of the year saw silver hovering at $20.50 per ounce, but by the end of the year it sat at $28.43 – an impressive gain of 17.2% year-over-year. This performance suggests that silver remains an attractive investment for traders and investors, as it provides a hedge against inflation and is highly liquid. Although silver prices may experience occasional dips from time to time, its strong performance in 2023 suggests it will continue to be a sought-after asset in the year ahead.
