Silver has come under pressure in recent months and fell to a two-year low of just over $18 in July. Strategists at Commerzbank are revising their price forecast for silver downwards. 

Gold/silver ratio should fall to 76 by end-2023

“We now expect a silver price of $20.50 at the end of the year (previously $24) and a price of $25 at the end of 2023 (previously $27).” 

“The gold/silver ratio should fall from the current level of a good 90 to 76 by the end of 2023.” 

“In addition to the rising gold price, silver should benefit from the politically forced expansion of photovoltaics, where it is used in solar cells. In a historical comparison, however, silver still remains cheap compared to gold.”