Can silver go to $1000 an ounce?

While this could happen, it's not likely. The reason for this is that silver is used more industrially than gold. Silver is a component of many products, from batteries to solar panels, so it's not as scarce as gold. As many analysts point out, silver is known to surpass its sister metal, gold, in times of economic prosperity and expansion.

However, it's important to also consider diversifying your investments and potentially investing in gold or art as well. For those looking to invest in gold, a great option is to Buy Gold in IRA as it can provide a secure way to diversify your portfolio. Neumeyer expects a triple-digit price of silver, partly because he believes that the current market cycle compares with that of the year 2000, when investors were on the edge of the dotcom bubble and the mining sector was on the downside. However, rising inflation has led the Federal Reserve and other central banks to change their strategies from rate cuts to rate hikes, which in turn has had a negative impact on gold and silver prices. For its part, Tiggre believes that current market circumstances are conducive to silver surpassing gold and perhaps reaching triple-digit levels. Rate cuts are usually good for the physical prices of silver and gold bars, because when rates are lower, it is more profitable to invest in precious metals than in products that can generate interest.

Although Neumeyer believes that we must break the ties between silver and gold, the reality is that most of the same factors that shape the price of gold also move silver. Therefore, while many may consider that these types of projections can only benefit their children or grandchildren due to the longer-term time frame, silver remains a low of high probability in the short term and will probably return to previous historical highs in the next five years. For example, investors may choose to invest their money in silver-focused stocks by purchasing shares in companies that focus on silver mining and exploration. And of course, for those who prefer a more tangible investment, buying physical silver ingots in the form of ingots and coins is also an option.

Matt Watson, founder of Precious Metals Commodity Management, believes that, over the next decade, silver will greatly benefit from increased industrial demand, in particular from the electric vehicle, solar photovoltaic and electronics industries. Silver is, of course, the more volatile of the two precious metals, but it is nevertheless often traded in relation to gold. There are also silver-exchange traded funds that offer extensive exposure to silver companies and to the metal itself, while more experienced traders may be interested in silver futures.