Silver prices could touch a 9-year high in 2023 — with a bigger upside than gold

Silver could hit a nine-year high of $30 per ounce this year and become a better performer than gold. Insufficient supplies of silver — as well as its tendency to be a better

performer than gold in periods of high inflation — are the reasons. Prices of silver could hit a nine-year high of $30 per ounce this year — possibly outpacing gold

prices. The last time spot silver touched $30 levels per ounce was in February 2013, according to closing price data from Refinitiv. Analysts told CNBC that

insufficient supplies of silver as well as its tendency to be a better performer than gold in periods of high inflation are key drivers supporting the outlook. "Silver has

historically delivered gains of close to 20% per annum in years inflation is high. Given that track record, and how cheap silver remains relative to gold, it wouldn't surprise to

see silver head towards $30 per ounce this year, though that will likely offer significant resistance," said Janie Simpson, CEO at ABC Bullion. Spot silver prices notched a

record high of $49.45 in 1980 against the backdrop of a 13.5% inflation rate, up from around $4 in 1976, when the rate of inflation was cooler at 5.7%. The precious metal

last traded $24.02 per ounce, against the backdrop of an inflation rate of 6.5%.Silver shortage "Silver is in a shortage… and there is a notable drawdown in the available

physical stocks held in New York and London's physical hubs, more so than seen in gold," said Nicky Shiels, head of metals strategy at precious metals company MKS

Pamp.