It’s not always easy to tell with great certainty what might happen with silver prices in the future, which is also true of precious metals in general. That said, it’s now past the halfway point of 2022, so it’s not too much of a stretch to be able to say with some degree of confidence—or at least an educated guess—what might happen with silver-related prices in the coming year. Below, we go over the latest buzz about prices for this particular precious metal in 2023.

It’s Been a Roller Coaster Ride in the Past

Since the last great financial crisis in 2008, it’s been a bumpy ride of sorts for silver prices. After rising as high as $50 per troy ounce, silver prices dipped to as low as $14 per troy ounce just prior to the beginning of the pandemic in 2020. As is the case with other precious metals, silver prices have increased a bit since then. As of August 2022, silver prices have rebounded to around $22 per ounce.

There May Be Some Bumps on the Silver Roller Coaster in 2023

The outlook for 2023 isn’t too rosy. Many leading economic and financial experts don’t expect current financial woes to lighten up much in 2023. This bleak outlook comes as inflation and supply chain issues continue to be a concern as we enter the second half of 2022. The reason this could result in a dip in silver prices during the coming year is because investors are more hesitant to invest in various forms of silver, including silver bars. Carlsbad investors should also be aware that supply chain issues have reduced the availability of silver in certain markets. Some analysts predict this could mean a dip in prices to around $17 or so per troy ounce.

Some Experts Are a Bit More Optimistic

On a widespread level, silver price predictions for 2023 aren’t so bleak. As is often the case, precious metals specialists and financial experts don’t always agree on what may be coming in the future as far as prevailing prices go. In fact, some analysts believe we could see near-record highs for silver prices at some point in 2023. The Silver Institute is one of the sources saying prices may spike to around $25 per ounce during the next year. Some analysts are even more optimistic and predict silver prices could rise to around $50 per ounce.

Several Factors Will Affect the Bottom Line

It will certainly be great if the last prediction we mentioned is actually the one that comes true. Realistically, it’s probably going to be somewhere in the middle. Additional factors that could affect silver prices in the coming year include:

• National and worldwide economic conditions in 2023
• The global supply of actual silver
• Stock prices and similar trends 

Whether they’re looking for expert advice on silver prices or they want to buy gold, Carlsbad collectors should work with trustworthy precious metal dealers who offer high-quality service and have years of experience. Call on the industry-leading professionals at First National Bullion when you’re ready to invest in precious metals, including gold, silver, platinum, and palladium. Give us a call today at 760-253-8072.

The statements made in this blog are opinions, and past performance is not indicative of future returns. Precious metals, like all investments, carry risk. Precious metals and coins may appreciate, depreciate, or stay the same in cash value depending on a variety of factors. First National Bullion does not guarantee, and its website and employees make no representation, that any metals for sale will appreciate sufficiently to earn the customers a profit. The decision to buy, sell, or borrow precious metals and which precious metals to purchase, borrow, or sell are made at the customer’s sole discretion.