At the end of 2022, silver is set to close with minor gains, outperforming gold despite a more turbulent year. Factors that have impacted silver's performance include the strength of the US dollar and higher bond yields, which resulted from central banks' efforts to control inflation. In 2023, the Federal Reserve's policy will be a key driver for silver. If the Fed follows the path outlined in its dot plot projections, there is a risk of a hawkish repricing, which could negatively impact silver prices. Falling bond yields, which are expected due to inflation drifting lower and economic activity deteriorating, could reduce the opportunity cost of holding non-yielding assets like gold and silver and potentially support precious metals prices. Gold is expected to outperform silver in a recession, as gold is seen as a safe haven.