Silver (SIK24) has been on a roll lately, and analysts at ANZ reckon that prices for the industrial metal could keep rising to $31/oz or higher by the end of 2024. The bullish projections stem from a mix of factors – slower production growth at mines, coupled with robust industrial demand, pointing towards a supply crunch. The market's already pretty tight, and now, geopolitical tensions between Iran and Israel are only adding to silver's appeal as a safe-haven asset.
But that's not all – the technical indicators for silver are looking pretty solid too. Silver has broken out of a multi-year consolidation pattern, suggesting further price increases on the horizon.
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