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January 2023 Silver Performance

January 2023 Silver Performance

Silver prices started the year at $23.995 per ounce, and hovered close to the $24 mark until January 16th when it peaked at $24.4 before declining back down. Lower inflation and recession concerns supported money market bets that the Federal Reserve will stop hiking its funds rate, which raised demand for silver. COMEX inventories remained under pressure and LBMA stockpiles dropped considerably, contributing to silver's rise. Prices closed the month at $23.60 on January 27th, according to benchmark administration and the London Bullion Market Association. [1] [2] [3]

References: [1] Silver - 2023 Data - 1975-2022 Historical - 2024 Forecast - Price [2] Silver Jan 2023 Overview - SIF23 - MarketWatch [3] Daily Silver Price History - USAGOLD

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