Silver Price Forecasts 2023

*Avg. Silver Price Predicted for 2023

$29.77 / oz

Current Silver Spot Price

$29.24 / oz

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*Highest Silver Price Predicted in 2023

$75 / oz

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*Lowest Silver Price Predicted in 2023

$16.50 / oz

Last updated on February 13, 2024

Disclaimer: This is not investment advice. The information provided is for informational purposes only. No information, materials, services, or other content provided on this page is a solicitation, recommendation, endorsement, or any financial, investment, or other advice. Always seek independent consultation from a professional before making any investment.

*Average, highest, and lowest silver prices based on below predictions and forecasts.

The spot price of silver reached a high of $26.37 an ounce in early March 2022. It then dipped to a low of $18.62 an ounce on August 31, 2022, followed by steady growth from October through December, eventually reaching $24 an ounce.

With volatile spot prices throughout 2022, many investors are asking… what will the price of silver be in 2023?

It’s impossible to definitively establish where silver is headed in 2023, but we’ve collected forecasts and predictions from big banks, industry leaders, and financial analysts for a better idea of what may occur. See their 2023 silver forecasts and predictions below.

Individual 2023 Silver Price Predictions & Forecasts

Financial Institution/AnalystGold Price Predicted (Per. oz)Time Frame
Metals Focus (British Research Firm)$16.50By end of 2023
TD Securities$17.00By end of 2023
Capital Economics$19.50By end of 2023
BMO Capital Markets$19.90By end of 2023
Bank of America$25.00Q3 2023
Commerzbank$25.00By end of 2023
ANZ Bank$26.00By end of 2023
LBMA Conference Delegates$28.30By October 2023
Citigroup$30.002H 2023 / 1H 2024
Phillip Streible, Chief Market Strategist, Blue Line Futures$35.00By end of 2023
Avi Gilburt, founder of$40.00By end of 2023
Robert Kiyosaki$75.002023

BMO Capital Markets


“The analysts see prices averaging around $19.9 an ounce next year.”


LBMA Conference Delegates


“As bullish as attendees are on gold, they said silver has the most potential. On average, the delegates see silver prices at $28.30 an ounce by October 2023, representing a rally of nearly 54% from current prices.”


Capital Economics


“We forecast [gold and silver] prices to rise from $1,630 and $18 per ounce today to $1,700 and $19.5 by end 2023.”


Metals Focus


“The analysts have an even more dour outlook on silver, forecasting a 17% drop in the average price in 2023. The analysts said that they see silver prices bottoming in the fourth quarter at around $16.50 an ounce.”


TD Securities


“Analysts announced a short position in silver as it looks for prices to fall to $17 an ounce.”


Bank of America


“Along with gold, Bank of America is also bullish on silver, with prices expected to push to $25 an ounce by the third quarter and remain elevated through 2024.”




“Fritsch sees silver at $25 an ounce by the end of the year.”


Avi Gilburt, founder of


“Silver is getting set up for both a third and a fifth wave rally over the coming year, year-and-a-half. Silver may replicate what we saw in 2010 and 2011. That price action was outright parabolic.”


Phillip Streible, Chief Market Strategist, Blue Line Futures


“I’m going to say in this interview that I think $35 on silver, I think that’s like an achievable–attainable target based upon what we’re doing. I’m not talking about the price of a silver eagle, which is a unique item, which is specific like a Michael Jordan baseball card. That thing could trade at $80.00. That thing could trade at $100. It’s a very unique item. We’re talking about bulk silver here, you know $35 an ounce I think is realistic given the fact that the dynamics of the economy are going to slow down.”


Robert Kiyosaki


“I became a gold bug in 1972. I was a Marine pilot in Vietnam flying behind enemy lines hoping to buy gold at a discount because the mine was in enemy hands. Found out the price of gold is the same all over the world. I predict silver going to $75 and gold to $3800 in 2023.”




May 23, 2023 – “We think recent price weakness offers a strong dip-buying opportunity, reiterating our call for $30/oz silver over the next 6-12 months as U.S. growth rolls over, even if emerging markets growth stagnates,” Citi’s analysts said.


ANZ Bank


“That said, the fundamental backdrop is still supportive, and industrial demand could return once China’s growth stabilizes. Macroeconomic challenges continued to be supportive for gold and silver investors. We hold our bullish view and expect silver prices to reach $26 an ounce (oz) by the end of this year.”


Top Factors Predicted to Push Silver Prices Up in 2023

factors for silver prices going up

According to the pricing experts, industry leaders, financial analysts, and big banks, numerous factors could push silver prices higher in 2023. These include:

  • Fed slows rate hikes
  • Inflation or Stagflation
  • New demand for green applications
  • US Dollar weakening
  • Cryptocurrency demand decline
  • An increase in the price of gold

It’s worth noting the importance of the gold-silver ratio. There is a historic relationship between the price of gold and silver. In short, as the price of gold moves up or down, silver prices will follow.

Robert Kiyosaki, author of Rich Dad Poor Dad, predicts silver going to $75 and gold to $3,800 in 2023:

Suggested reading: 10 Factors that Influence Silver Prices

Top Factors Predicted to Push Silver Prices Down in 2023

factors for silver price going down

There are also reasons to believe that silver prices could fall in 2023, including elevated interest rates and global geopolitical unrest. Other factors include:

  • Fed rate hikes continue
  • Weak jewelry demand due to potential recession
  • Weak investment demand
  • Reduced industrial demand

Silver Price Prediction FAQs

While predictions are nothing more than educated guesses, they’re useful when deciding whether to invest in silver. Financial institutions and analysts use historical data to serve as the foundation of their predictions.

Answer these questions to better understand the above silver price predictions and what to expect in the year to come.

Many financial institutions and analysts are bullish on silver in 2023, while others expect the market to settle below $20/ounce. Closely track the gold-silver ratio as the first half of the year wears on to determine if there’s a correlation.

If history is any indicator, silver prices will continue to rise beyond 2023. Nobody knows how soon or how high, but long-term trends point in this direction.

With silver prices at the start of 2023 below 2022 highs, now is one of the best opportunities in recent history to invest. If you wait too long, you may end up paying more if prices increase — as many analysts and institutions expect — in 2023.

In today’s world, there’s no shortage of ways to buy silver. The best approach is the one that most closely aligns with your investing goals. For example, some people are interested in physical silver while paper silver — such as stocks and ETFs — is better for others.

Learn more about your options and discuss your goals and timeline by speaking with an experienced precious metals advisor at Scottsdale Bullion & Coin.