Silver price predictions for the end of 2024 by AI
Silver, having retreated from its December peak of $24.60, is currently exhibiting signs of a rebound. As 2024 commences, silver has recovered from a yearly low of $22.9, sparking optimism about its potential upward trajectory. The metal's performance is intricately tied to broader economic factors.
Recent economic indicators, notably the Job Openings and Labor Turnover Survey (JOLTS) and the ISM Manufacturing Index, suggest a contracting U.S. manufacturing sector and easing labor market conditions. In this context, the demand for silver faces pressure, contributing to a bearish outlook in the short term.
Presently priced at $23.17, silver reflects an almost 1% gain in the past 24 hours, partially attributed to declining bond yields and a weakened dollar.
Silver's future trajectory is anticipated to be significantly shaped by the impending Federal Reserve policy. However, market sentiment remains cautious due to silver's inability to fully capitalize on various catalysts, including geopolitical tensions.
Examining potential future price trajectories, Finbold consulted generative artificial intelligence (AI) tools for insights into silver's possible performance at the end of 2024.
OpenAI's ChatGPT presented both bullish and bearish scenarios for silver. The bullish outlook is contingent on factors such as global economic recovery, inflation concerns, and a weakening U.S. dollar. ChatGPT suggested a potential trading range of $30–$35 if these factors align. Conversely, in a bearish scenario, ChatGPT proposed a price range of $18–$20, influenced by improved geopolitical conditions and Federal Reserve policies.
Google Bard also forecasted potential bullish and bearish trends for silver. A bullish trend is anticipated, driven by potential Federal Reserve rate cuts weakening the U.S. dollar and increased demand for silver in green technologies. Bard predicts silver prices could reach $27.80 to $34.70 per ounce by the end of 2024. Simultaneously, a bearish scenario suggests silver prices falling and trading between $19.69 and $20.00 per ounce by the end of 2024. This projection considers concerns about Federal Reserve rate hikes strengthening the U.S. dollar, potential global economic slowdown, and a resurgent U.S. dollar diminishing silver's appeal.
In general, both AI tools suggest that the price of silver may experience fluctuations, indicating unforeseen factors that could influence overall market sentiment. It's important to note that the content on this site should not be considered investment advice, as investing always carries risks.