How high will Silver prices go in 2024? [Video]
|After an epic run that has seen Gold prices set new all-time highs on ‘multiple’ occasions in the first quarter of 2024, it's fair to say we're currently watching the precious metal making history as prices continue to aim for even greater heights.
There has been considerable excitement in the Gold market lately with the price soaring above $2,300 an ounce for the first time ever. However, trader’s attention is now starting to turn to Silver on rising expectations that the grey metal will be next to hit new record highs.
Gold has been on an epic run since October last year, rallying from near the $1,800 level to score back-to-back all-time record highs in March – not once, not twice, but on multiple occasions.
During March, we saw Gold prices breach $2,159 an ounce, $2,180 an ounce, $2,222 an ounce, $2,225 an ounce and wait for it – drum roll please... $2,236 an ounce mark – notching up “five” back-to-back all-time record highs within a period of just 21 days.
Gold’s unstoppable bullish momentum has spilled over into April – sending prices to a new all-time high of $2,305 an ounce – extending its gains by an impressive 28%, within the short space of 6 months.
Meanwhile, Silver prices have climbed above the key psychological level of $27 an ounce for the first time in 2024.
And this could just the beginning!
According to analysts at GSC Commodity Intelligence – Silver has a habit of lagging behind Gold for extended periods of time.
But once it gets going, it really gets going.
Historically, Gold will shoot up first and then you will see Silver take off when you least expect it. And Silver always outperforms.
That's exactly what we could see play out again!
With Gold prices having already scored multiple record highs in recent weeks, analysts at GSC Commodity Intelligence are now turning their attention to Silver – knowing well enough that, if history is anything to go by – then Silver will be next in line to shoot for all-time record highs.
In a note to clients, analysts at GSC Commodity Intelligence wrote “that Silver prices trading between a range of $37.50 to $50 an ounce may become a real possibility this year. However, that forecast may prove to be conservative, if Gold prices continue to scale new highs in the coming weeks and months ahead”.
Whichever way you look at it, one thing is clear. Silver is still relatively cheap compared with Gold and certainly has a lot of catching up to do. To quote analysts at GSC Commodity Intelligence – “Silver is definitely the best trade right now and the one to watch throughout the second quarter of 2024”.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:
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