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Expert silver market insights

Our quarterly silver outlook is published in our Quarterly Metals Report, which covers base, precious and ferrous metals. The impact of supply and demand fundamentals and macroeconomic implications for silver is analysed. Our research team produce silver price range forecasts as part of the report.

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Silver Outlook – Q4 2024

Silver is set for continued gains in Q4 2024, trading above $34/oz due to strong safe-haven demand and tightening supply from mining constraints. Rising industrial demand, especially from China’s solar sector, adds to its bullish outlook. Given these drivers, silver is likely to break above $35/oz.

Metals

As we enter Q4 2024, several trends from the previous quarter continue to persist. The central banks began their interest rate cutting cycles, with the Fed initiating a 50bps cut at its first meeting. The ECB is on a similar path, but it is facing strong pressures to cut due to the weakening performance of the Eurozone, which is creating a larger yield differential compared to the US. In China, authorities are aiming to stimulate the economy through fiscal and monetary policy measures; however, they are struggling to restore market confidence, particularly in the construction sector. These factors, combined with the upcoming US elections in November, create a strong likelihood of increased volatility. In this report, we will examine the potential trajectories for base, ferrous, and precious metals in the final months of the year.

Q4 2024