Though silver has been somewhat outshined by the world’s most prominent precious metal – gold – it has, nonetheless, performed exceptionally well since the start of 2024 and has even offered a better return rate year-to-date (YTD) than the world’s biggest commodity.
Indeed, while gold has managed an impressive 21.83% YTD rise, silver is up as much as 24.55% in the same time frame, and its price today, at press time on August 21, stands at $29.62.
Given the strong performance, industrial utility, and popularity of the metal, Finbold decided to consult some of the most advanced available artificial intelligence (AI) models on whether traders can continue counting on a great return on investment in silver through the remaining months of 2024.
AI sets silver’s price at the end of 2024
While the most advanced model of OpenAI’s flagship AI platform – ChatGPT-4o – assessed that there are multiple factors – including geopolitical and market instability and industrial demand – in favor of silver’s continued strength, the large language model (LLM) only predicted a relatively moderate rise for the metal through the rest of the year.
Citing the FED’s shift to dovishness as a major reason for a likely shift away from hard commodities, ChatGPT-4o set silver’s year-end price target at between $32 and $35.
After examining similar factors but without the full benefit of analyzing the current condition from online sources, ChatGPT-4o’s more lightweight cousin, ChatGPT-4o mini, set a highly conservative silver price target of between $27 and $30, indicating that the precious metal will either trade sideways by December or even slightly decline.
Again, pulling from factors such as political instability, inflationary pressure, and industrial demand, Alphabet’s (NASDAQ: GOOGL) Google Gemini opted for a middle-of-the-road forecast of $32 per ounce.
Finally, Microsoft’s (NASDAQ: MSFT) Copilot decided that silver is likely to reach only $30 before 2024 is over despite considering the same factors as other AI models.
Interestingly, when asked why they offered relatively conservative targets despite silver’s strong growth in 2024, all four AIs explained that they attempted to take into account probable shifts in market dynamics but also conceded the precious metal might see significantly greater upsides in the coming months – potentially all the way up to $40 per ounce.
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