Sterling Silver Price Calculator – Dallas
Based on the provided information, here's a comprehensive table summarizing all you need to know about the Sterling Silver price in Dallas:
| Aspect | Details |
|---|---|
| Current Price | $24.13 per ounce |
| 2024 Price Prediction (Low) | $34.70 per ounce |
| 2024 Price Prediction (High) | $48.00 per ounce |
| Trend | Up by 35% in 2024 |
| Market Sentiment | Bullish |
| Key Drivers | Supply deficit, increased industrial demand, potential interest rate cuts |
| Historical Context | Highest price since 2011 |
| All-Time High | ~$50 per ounce (last reached in 2011) |
| Industrial Usage | Electronics, electric vehicles, solar panels |
| Supply-Demand Dynamic | Global supply deficit expected to continue |
| Correlation | Positively correlated with gold prices |
| Gold-to-Silver Ratio | Approaching the important 75-point level |
Additional Insights
The silver market is experiencing significant momentum in 2024, driven by several factors:
- Supply Deficit: The market has faced a supply deficit in recent years, with buyers forced to purchase existing silver from storage3.
- Increased Demand: The Silver Institute forecasts an 8% rise in silver demand, reaching nearly 632 million ounces in 2024, primarily driven by industrial applications3.
- Industrial Applications: Over 50% of total silver demand comes from industrial uses, compared to only 7% for gold3.
- Market Predictions: Various analysts and firms predict silver prices to reach between $30 and $48 per ounce in 2024, with some even more bullish forecasts extending to $500 by the end of the year4.
- Historical Context: Silver prices haven't been this high in over a decade, with the all-time high of around $50 per ounce last seen in 20113.
- Economic Factors: Expectations of potential interest rate cuts by the Federal Reserve are contributing to the bullish sentiment in the precious metals market3.
This comprehensive overview provides key information about the sterling silver price in Dallas and the broader silver market trends for 2024.