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Silver’s Dual Nature as a Financial Asset and an Industrial Commodity Requires a Multi-Factor Analysis to Understand and Predict Movements in the Price

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Silver’s Dual Nature as a Financial Asset and an Industrial Commodity Requires a Multi-Factor Analysis to Understand and Predict Movements in the Price






As both a financial asset and an industrial commodity, silver’s price is determined by multiple factors, the importance of which can vary significantly over time. To explore and better understand this complex set of factors, the Silver Institute has commissioned a new Market Trend Report, “Factors that Determine the Silver Price,” produced by Precious Metals Insights.


The Report finds that no magic formula or combination of factors consistently and accurately explains the level of or change in the silver price. While the price of silver is not a random walk, neither is its future path entirely predictable based on past trends.


Silver is closely correlated to certain factors that can be seen regularly to be of importance in price determination, while other variables rarely, if ever, appear to exercise any influence over the white metal. The Report identifies and explains the principal factors behind movements in the silver price over recent decades. It assesses silver’s supply/demand fundamentals to ascertain to what extent changes in these may have affected the price and examines various exogenous factors that may have been responsible for movements in the price of silver.


In addition to silver’s supply/demand fundamentals, the Report also addresses how the silver price can be affected by gold and copper prices, silver’s relationship to the Commodity Research Bureau Index, exchange rates, interest rates, inflation, and stock prices.


To download the complimentary Report, please click here.


The Silver Institute is the silver industry’s primary voice in expanding public awareness of silver’s essential role in today’s world, especially in green applications. Its mandates are to provide the global market with reliable statistics and information on silver and create and execute programs that help drive silver demand. For more information on silver, including its use in the green economy, please visit


Precious Metals Insights Limited is a Hong Kong-based specialized consultancy providing macroeconomic analysis and insights on the four major precious metals markets. It was established in 2013 by former GFMS (the precious metals consultancy) principal Philip Klapwijk.


Posted February 27, 2024

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