Silver Prices Set to Soar: Bank of America Predicts $35/oz by 2026

Bank of America (BOFA) is bullish on silver, expecting prices to rise significantly from the latter part of 2024 into 2025. 

Analysts at BOFA project silver to average $35 per ounce by 2026, a substantial increase from the current spot price of $29.19 per ounce. This positive outlook stems from anticipated halts in central bank interest rate hikes and heightened investment in precious metals. BOFA also predicts a favorable impact from the gold market. With gold prices forecasted to hit $3,000 per ounce by 2025. 

Despite silver’s previous underperformance compared to gold, BOFA anticipates a turnaround fueled by improving global economic conditions and increased demand. Especially from the next generation of silver-intensive solar panels. These factors are expected to attract more investors and contribute to a cycle of rising prices for silver.

Clever Robot News Desk 20^th June 2024