| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Consensus (median) | 18 | 19 | 20 | 21 | 20 |
| High | 24 | 32 | 40 | 50 | 22 |
| Low | 16 | 14 | 14 | 17 | 17 |
| Standard Deviation | 2 | 3 | 6 | 9 | 2 |
| Count of Estimates | 30 | 27 | 19 | 10 | 3 |
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Global View
My bullish outlook on Silver prices is based on expectations the USD will weak in the long-term, as well as demand from industrial and silver-specific sectors will be strong and improve the growth of the Silver prices. Also I expect more stable investor demand on the metal, therefore I don't leave room for a negative outlook on the Silver prices.
Silver is underpriced. This might seem an odd statement taking into account recent rally, however 'gold/silver' ratio is far higher normal (75-80 against 20yr average 65-70). As a result I expect that it would be re-rated against gold.