Silver Prices Seen Rising on Undersupply and Industrial Demand, Potentially Topping $31/oz

Silver market is undersupplied, which will support higher prices above $30/oz (ANZ forecast)

Gold expected to reach $2,500/oz and silver over $31/oz by end of 2024 (ANZ forecast)

Weaker dollar and easing rate hikes have yet to materialize, providing room for more gains

Silver outperforming gold recently as industrial demand picks up and mine supply growth slows

Falling gold/silver ratio and multi-year low silver inventories indicate market deficit also supportive of higher prices