Silver held above the $27 level on Wednesday, as a weaker dollar helped the metal regain momentum following a sudden sell-off last week. The white metal has been under pressure amid prospects for a vaccine and stimulus-fuelled economic recovery, which boosted risk appetite and dimmed the appeal of safe-haven assets. Meanwhile, it appears that the attempted short squeeze by Reddit-inspired traders has at least temporarily failed. Looking ahead, rising demand for industrial applications as the economy picks up steam should drive prices higher in the long run.
Historically, Silver reached an all time high of 49.51 in April of 2011. Silver - data, forecasts, historical chart - was last updated on February of 2021.
Silver is expected to trade at 26.48 USD/t. oz by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 24.02 in 12 months time.