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AI Predictions for Precious Metals

by Rachel MillsApril 9, 2024
hands conjuring a candlestick chart from a crystal ball

Are they a crystal ball for gold and silver prices?

Artificial Intelligence (AI) is all the rage these days. There are AI tools to create images, to answer questions, even to create songs on the fly. It's no wonder then that AI has increasingly become a popular tool in predicting market trends, including those of precious metals like silver and gold.

It's certainly interesting to see what AI predicts and how it comes to those conclusions. But is it any good at telling the future?

Notably, gold prices have exploded upward in the past few weeks. Was this predictable? Or predicted? Let's check AI's work with a retrospective. Have a look at this gold price prediction from February, anticipating the March pricing of gold.

short term forecast ending Aug 15 at $2,254

How did AI do? It missed by a country mile. To the DOWNSIDE.

Here's how gold ACTUALLY did in March –

Gold spot price chart Mar 5 to Apr 7 trending upward past $2300

It's gone up MUCH faster than even AI could predict. At $2350 already, it's blown through the August prediction of $2254 way ahead of "schedule". It is literally "off the chart" of the AI prediction of $2075 mid-March.

With that in mind, let's consider another article using AI to predict silver through the end of 2024.

Silver Price Forecast for End of 2024

According to this article at Finbold, several AI-driven algorithms have provided intriguing insights into the future of silver prices by the end of 2024. The analysis suggests a bullish sentiment, with silver projected to reach between $30-40 and ounce! AI leverages historical data, market trends, and various influencing factors to come up with that prediction.

This forecast underscores several key factors that may contribute to the potential uptrend in silver prices. Market dynamics, including global economic conditions, industrial demand, geopolitical tensions, and investor sentiment, are all pivotal in shaping the trajectory of silver prices. With AI algorithms continually analyzing vast datasets and identifying patterns, these forecasts offer interesting insights for investors and stakeholders in the precious metals market.

Silver is at $28 an ounce today, and this is what this past month has looked like.

Silver 1 month spot price chart Mar 5 to Apr 7 trending past $27

Silver is certainly taking off!

So if AI is predicting $30 or $40 for silver by year's end... but it only predicted $2100 for gold right now, it COULD actually go much higher.

Approach with caution

While AI predictions offer valuable guidance, it’s essential to approach them with a degree of caution and skepticism. Market dynamics are inherently complex and subject to various unforeseen events and fluctuations. While AI algorithms excel at analyzing vast amounts of data and identifying patterns, they may not account for all possible scenarios or nuances within the market.

Investors and stakeholders in the precious metals market should complement AI-driven forecasts with comprehensive research, expert analysis, and a thorough understanding of market fundamentals. Additionally, risk management strategies and diversification remain critical components of any investment approach, especially in volatile markets like precious metals.

Humans vs Machines

Having surpassed one AI projection, how much higher can gold climb? Read our analysis here. No one actually has a crystal ball, but in the battle between humans and machines – in this scenario – both agree that the outlook for precious metals is bright.

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