Silver posted a disappointing performance this year as it moved from a high of just over $26.40 in March to a low of $17.81 in early September. Strategists at TD Securities expect XAG/USD to extend its correction lower before staging a recovery phase in late 2023 and 2024.

Pending sell-off will be more severe than that of Gold

“As the Fed keeps on tightening into early 2023, we expect Silver to trend down to below the Q1-2023 average of $18. Its higher volatility and sensitivity to the industrial economy prompts us to believe that the pending sell-off will likely be more severe than that of Gold.”

“Silver is projected to reach $21+ by Q4-2023 and over $23 in late 2024.”