The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
According to the annual LBMA survey following the conference, participants stated that gold will outperform the precious metals market. However, certain observations and comments during the conference supported silver, evaluating its affordability compared to its fundamental indicators.
As per analysts, despite the Federal Reserve maintaining interest rates at a restrictive level for most of 2024, geopolitical uncertainty in the coming 12 months will continue to support precious metal prices.
Based on the sentiments expressed at the 2023 Global Precious Metals Conference of the London Bullion Market Association, participants believe that by the next year's conference in Miami, Florida, silver prices will be trading around $26.80 an ounce.
Despite the challenges faced by both gold and silver in 2023, as the Federal Reserve aggressively raised interest rates, silver managed to maintain substantial growth compared to where prices were during the previous year's conference. Silver prices were around $18.60 an ounce at that time.
Currently, the bullish forecast is driven by the fact that silver is trading around $23 an ounce.
Analysts also noted that industrial demand for silver in the solar sector has provided strong support for the precious metal as investors focus on transitioning to green energy.
According to Phillips Baker, CEO of Hecla Mining, the use of silver in Photovoltaic (PV) solar panels will "drive silver prices higher." The need for Photovoltaic solar panels will stimulate demand in the coming decade.
As for gold, according to the LBMA survey, participants believe that prices will rise to $1990.30 an ounce by the same time next year.
This forecast is based on the ongoing chaos in the Middle East, showing how safe-haven asset demand can influence prices. Gold has risen more than 5% compared to seven-month lows from last month. The gold market, like silver, has established a strong base well above last year's prices.
Alongside the demand for safe-haven assets, gold is also well supported by central bank demand, which reached a record level in the first half of 2023.
*这里的市场分析是为了增加您对市场的了解，而不是给出交易的指示。
InstaSpot分析评论将让您充分了解市场趋势！ 作为InstaSpot的客户，您将获得大量的免费服务以实现有效的交易。
