Silver Shines in 2024: A Look Back at Price Predictions
Plus, a first look at the latest silver forecasts for 2025
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As we close out 2024, silver has proven itself the standout performer in precious metals.
Starting the year at roughly $23 per ounce, it surged to nearly $35 in October before settling around $30-$32 with two weeks left to go in the year – a remarkable run that left most market predictions in the dust.
Let's see how the experts' forecasts measured up against reality.
In 1918, the U.S. Treasury began printing the $10,000 bill for circulation. Which historical figure is featured on this high-denomination note?
Alexander Hamilton
Salmon P. Chase
Woodrow Wilson
Grover Cleveland
Reply with the correct answer and you could win one free ounce of silver! (Some conditions apply, see details below).
Silver Outperforms Most Major Forecasts
Most analysts significantly underestimated silver's potential, with the metal reaching their $30 target before June.
What drove this impressive run? Beyond the Federal Reserve's Q3 interest rate cuts that lifted all precious metals, silver benefited from three powerful drivers:
1. Industrial Demand Hits New Heights
Industrial demand for silver reached an unprecedented 700 million ounces in 2024. This milestone was primarily driven by green economy applications, particularly in the photovoltaic sector.
At GoldSilver, we make buying metals simple and secure:
Silver's use in solar panels has more than doubled in the past five years. The photovoltaic industry consumed an estimated 232 million ounces in 2024 – a 20% increase from 2023. India's rapid solar capacity expansion played a significant role in this growth.
3. Electric Vehicles: Silver's New Frontier
Remember when you rarely saw an EV on the road? Now they're everywhere – and each one is a small but significant silver story. Modern electric vehicles use up to 50 grams of silver each, more than twice what traditional cars require. With EV production accelerating, automotive silver demand is rising to 90 million ounces by 2025.
Silver Demand Outpaces Supply
Adding to these demand factors, 2024 marked the fourth consecutive year of physical supply deficit, with a shortfall of around 182 million ounces. This persistent deficit continues to support prices and creates what appears to be a bullish setup for 2025.
Silver’s Next Chapter
Want to know what's in store for silver in 2025? We've just published our comprehensive analysis examining supply constraints, industrial demand forecasts, and monetary factors that could influence prices in the year ahead.
Congratulations to last week’s trivia winner Louis T. The world’s first ATM was installed in B. 1967.
The world's first ATM was installed on June 27, 1967, at a branch of Barclays Bank in Enfield, north London. This groundbreaking invention was created by John Shepherd-Barron, an India-born British-Scottish inventor who came up with the idea after being frustrated by not being able to access his bank account outside of banking hours.
Now, back to this week’s question... In 1918, the U.S. Treasury began printing the $10,000 bill for circulation. Which historical figure is featured on this high-denomination note?
Alexander Hamilton
Salmon P. Chase
Woodrow Wilson
Grover Cleveland
Think you know the correct answer?
Reply to this email with your guess. All readers who respond with the correct answer will be entered into a pool, from which one first-time winner will be randomly selected. The lucky winner will receive 1 oz. of silver added to their InstaVault account. This offer is our way of rewarding our attentive readers and introducing you to the benefits of secure precious metals storage with GoldSilver.
To participate, simply reply to this email with your answer. If you're selected as the winner, we'll contact you about setting up your InstaVault account. Once your account is open and active, we'll add 1 oz. InstaVault silver to your holdings. Good luck!
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