Daily Gold Market Report

Silver’s Shining Forecast:
Poised for a Breakout in 2024 Amid Gold’s Stability

(USAGOLD – 2/15/2024) Gold prices remain steadfast around the crucial $2,000 per ounce mark following the release of retail sales data for January, which significantly underperformed market forecasts, along with a downward adjustment of December’s figures. Gold is trading at $2005.37, up $13.04. Silver is trading at $22.77, up 44 cents. A recent article by Damian Nowiszewski of Investing.com discusses the potential for silver to outperform gold in 2024, highlighting stable gold prices despite a hawkish Federal Reserve and forecasting a significant spike in silver demand. Analysts predict a bullish year for both metals, with silver expected to see increased demand, especially from the industrial sector. Technical analysis suggests both metals are in a consolidation phase, with potential for a breakout. The Silver Institute anticipates global silver demand to reach 1.2 billion ounces, driven by industrial and jewelry demand in India, with projections of silver prices reaching $30 per ounce by year-end. There are challenges for gold investment due to outflows from ETFs, competition from Bitcoin ETFs, and the effects of high inflation and economic slowdown on individual investors. Overall, silver’s potential is underscored by its anticipated demand surge and favorable technical indicators, suggesting it may be a more attractive option for investors in 2024.

“Meanwhile, silver also shows narrowed ranges, consolidating within the $22-23.50 per ounce range. If the retreat extends further south, investors should focus on a robust demand zone within the $21 per ounce range. An upward breakout from the current consolidation would signal there’s lot more to come, paving the way for a retest of $26 in the long term,” Nowiszewski suggests.