In brief
Silver per ounce is approximately $31.03 as of September 23, 2024. This price of silver per ounce represents a 29% increase starting in early 2024. Forecasts suggest further growth in the amount of silver per ounce throughout the year.
Current silver price per ounce
- Current price: As of September 23, 2024, the price of silver per ounce is trading at $31.03
- Change since the beginning of the year: The current spot price of silver has increased by 29% since the beginning of 2024
- Price in kilograms: For comparison, 1 kg of silver costs $1,016.40 as of September 11, 2024
Price forecast for 2024
- End of year prediction: The price of silver per ounce is expected to end 2024 at $31.47representing a 31% increase since the beginning of the year
- Average Price Forecast:
- Bank of America expects an average silver price per ounce of $30 in 2024
- Goldman Sachs predicts an average of $29.50 per ounce
- Price Range Forecast:
- PortfolioInvestor provides a range of $23.17 to $24.60 per ounce throughout 2024
- BTCC provides a wider forecast range of $18 to $50 per ounce
Factors influencing the amount of silver per ounce
- Industrial demand: Strong demand from sectors such as electronics, solar panels, and electric vehicles is driving up the current spot price of silver.
- Supply deficit: Global demand expected to exceed supply for the fourth consecutive year
- Interest rate: The early end of central bank interest rate hikes could push up the price of an ounce of silver
- Gold-silver ratio: A discount ratio could indicate that silver prices could rise faster than gold prices.
Global silver production
- production 2023: 831 million ounces of silver were mined worldwide in 2023
- Best producers: Mexico (24%), China (13%), and Peru (13%) were the top silver-producing countries in 2023
FAQs
How much is silver per ounce currently?
As of September 23, 2024, the current spot price of silver is $31.03 per ounce.
What is the price of silver per ounce forecast for the end of 2024?
The price of silver per ounce is expected to end 2024 at $31.47, representing a 31% increase from the start of the year.
How has the current spot price of silver changed since the start of 2024?
The current spot price of silver is up 29% since the start of 2024.
What factors influence the price of silver per ounce?
Factors influencing the price of silver per ounce include industrial demand, supply gap, interest rates, and the gold-to-silver ratio.
Which countries are the main producers of silver?
The top silver-producing countries in 2023 were Mexico (24%), China (13%), and Peru (13%).