Steve Rand
General Manager / Sr. Precious Metals Advisor
Steve Rand is the General Manager and a Sr. Precious Metals Advisor at Scottsdale Bullion & Coin. He brings over 20 years of experience in the physical precious metals markets.
Joe Elkjer
Precious Metals Advisor
Joe Elkjer, a Precious Metals Advisor at Scottsdale Bullion & Coin since 2019, specializes in helping clients protect their assets through tangible investments. With a strong background in business and finance, he emphasizes stellar customer service and stays dedicated to informing clients about market impacts through frequent appearances on The Gold Spot.
This could be a very big year for silver.–
As gold glows brightly heading into 2025, savvy investors are staying abreast of other precious metal opportunities to diversify their portfolios properly. Silver’s outlook remains bullish despite rivaling gold’s rally in 2024.
In this week’s The Gold Spot, Scottsdale Bullion & Coin Precious Metals Advisor Joe Elkjer and Sr. Precious Metals Advisor Steve Rand discuss the rising imbalance between silver supply and demand, how high experts expect silver prices to soar, and what deals investors might be able to snag around the corner.
Silver’s Industrial Demand Rises
Silver is the second most widely held precious metal for investment purposes, but it is also widely used in industrial applications. This dual role ensures that the shiny metal maintains robust demand from diverse sources, which helps support prices. In 2024, silver industrial demand rose by 7% to its highest point ever.
Consumption is on track for further growth in 2025 and beyond, especially as purchases from the renewable energy and AI sectors ramp up. This varied demand is partly responsible for pushing silver spot prices 32.75% in the past year and even to a 12-year high.
Investors Fear Precious Metals Tariffs
There’s a growing fear that Trump’s tariff plan will land hefty taxes on precious metals imports. In anticipation, some investors are onshoring physical investments to preemptively avoid potential tariffs in the future. This exodus of tangible assets from London and other major exchanges is straining an already depleted silver supply.
If tariffs on precious metals were to come into effect, the market could suffer from product delays and higher dealer premiums. The good news for those already invested is that these taxes could cause explosive silver price action. Even if the tariffs don’t hit, silver’s proactive demand and the resulting supply shrinkage are positive.
Experts Raise Silver Forecasts for 2025
The average silver price prediction for 2025 among leading experts is bullish. Major banks such as Citibank and TD Securities have raised their benchmark to $40 while others such as JP Morgan aren’t far behind with a $38 expectation. The London Bullion Market Association (LBMA), which is most closely linked to the market, forecasts silver to hit $45 an ounce.
Similar supply-demand imbalances in the copper and platinum markets, which recently caused these metals to skyrocket, inform many price targets.
Silver’s Potential Breakout
Gold’s strong market outlook for 2025 and bullish gold price forecasts for 2025 are stealing attention away from silver as the shiny metal sets up for a breakout. If you’re interested in putting your portfolio in the best position to benefit from these potential gains, grab a FREE COPY of our Silver Investor Report which covers the shiny metal’s fundamentals and growth possibilities.
Inauguration Week: A Big Week for BIG DEALS!
Every election cycle brings a unique opportunity for savvy investors. Around Inauguration Day (Monday, January 20th), the precious metals market often quiets down, creating the perfect storm for smart buying:
- Lower premiums on precious metals products.
- Stalled spot prices ripe for action.
Be First. Act Fast. SAVE BIG!
Want exclusive, first-in-line access to these upcoming gold and silver deals?
- Connect with your Precious Metals Advisor today—via their page form, phone, or email—and secure your spot.
- Don’t have an Advisor? No problem. Fill out this form, and we’ll notify you the moment these deals are available, starting Tuesday, Jan. 21, 2025.
These opportunities don’t wait—and neither should you! Claim your spot now before the crowd rushes in – CLICK HERE