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Silver Forecast 2023 – Keeping an Eye on China
In the first part of the next year, the vigorous reopening of China's economy may significantly boost silver prices.
As China reopens, silver may have a strong start to 2023
As it surged fast from the $18 level to the $24 level in recent months, silver's price acquired significant upward momentum. Will silver prices rise more in 2023?
Treasury rates and the value of the US dollar significantly affect the dynamics of the silver market, just as they do for gold. Silver is vulnerable to changes in the outlook for the economy since it is also dependent on industrial demand.
The main concern for silver dealers is whether the world economy faces significant pressure in 2023 or whether global central banks are able to engineer a "soft landing" for the world's top economies.
The reopening of China did not significantly affect commodities markets since a severe coronavirus epidemic struck the nation right away. However, the first half of 2023 is expected to see a rise in China's demand for commodities, particularly silver, which could strengthen silver prices even further.
The gold/silver ratio has reverted to the levels it reached in the beginning of 2022, it should be noted.
If industrial demand for silver rises, the gold/silver ratio might decrease. In 2021, the gold/silver ratio dropped to 63 from its present values of about 76. Silver will be pushed toward the $28 level by the continuation of the downward trend in the gold/silver ratio, assuming that gold prices stay steady.
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