Silver Price Forecast to $50

Silver Price Forecast to $50

The presidential win by Democrat Joe Biden may usher in a new era for government policies, from taxes to trade to energy.

Indeed, Biden’s energy platform and priorities would look very different from Trump’s.

Silver is up 35% this year. Here’s why it could go even higher next year.

During his campaign, Biden released an ambitious green energy agenda, which if even partially enacted could unleash a new uptrend in the silver market. In recent months, Biden called for a “carbon pollution-free power sector by 2035.” A development like this would require a massive acceleration in renewable wind and solar power here in the United States.

If Biden gains traction on goals to stem global warming, silver stands to gain.

Why? Silver is a key ingredient used in solar panels. The metal, which already traded at a six-year high in 2020, could see new industrial demand in a green energy push – amid a tightening supply situation – which could send prices soaring.

Industrial demand for silver in solar panels is not a new trend. It’s been growing in recent years. For example, silver’s use in photovoltaics increased by 7% in 2019 and is forecast to continue to move higher as governments turn to renewable energy sources like solar.

Yet, an official move toward the wider use of solar power as imagined in Biden’s plan could double silver’s price, Peter Thomas, a senior vice president at Chicago-based broker Zaner Group told Bloomberg earlier this year.

Analysts at Bank of America echoed this outlook in a research note.

“Industrial demand ultimately moves the needle” for silver prices, according to a team of Bank of America strategists led by Michael Widmer.

Silver has already surged over 60% this year, hitting an August high over $28.00 an ounce as investors turned to the precious metal as a safe-haven.

Adding additional industrial demand for larger use of solar energy would catapult silver prices even higher.

$26.87 an ounce as investors flocked to the precious metal as an alternative store of value during the COVID-19 pandemic.

An increase in industrial applications of silver, however, would catapult prices even higher.

The bank forecast that annual silver demand–currently at 2,285 tonnes–could climb 87% over the next 15 years if the U.S. energy sector accelerated its move to renewable energy.

Bank of America analysts say that a “green stimulus” under a Biden presidency could drive silver to $35 an ounce in 2021. And over the medium term, silver could take a run at the $50.00 an ounce level.

By HEFFX Australia on 

Original Story Here

Related Post


Learn How A Precious Metals IRA Can Secure Your Retirement

The precious metals market may seem intimidating, but it’s not as it seems. Our team has compiled a summary of our tips and information into a free guide so you can learn how to begin securing your future.


We Will Guide You Every Step Of The Way


By clicking the button above, you agree to our Privacy Policy and Terms of Service and authorize Oxford Gold or someone acting on its behalf to contact you by text message, ringless voicemail, or on a recorded line at any telephone or mobile number you provide using automated telephone technology, including auto-dialers, for marketing purposes. No purchase required. Message and data rates may apply. You also agree to receive e-mail marketing from Oxford Gold, our affiliated companies, and third-party advertisers. To opt-out at any time click here or reply STOP to opt-out of text messages.