While the Gold market has swiftly recovered from its recent flash crash, which sent prices briefly below $1700 an ounce, Silver has continued to consolidate near key support levels.

However, I wouldn’t rule Silver out just yet!

Silver has a habit of lagging behind the rest of the commodities complex for extended periods of time – but once it gets going, it really gets going.

Silver has a well-documented track record of staging spectacular comebacks, when you least expect it. With prices currently in significantly oversold territory – ultimately suggests Silvers fortunes could be about to turn.

If you want to know where Silver prices are heading next, then just take a look at the bullish trend in Oil prices. This week, Brent Crude Oil surged 11%, its biggest weekly jump since June 2020, while WTI Crude Oil is up nearly 10%, which is its strongest rise since August 2020.

Higher Oil prices usually feed into inflation expectations and boost demand for assets with inflation-hedging capabilities, such as the Precious Metals.

Oil’s current inflationary rally provides bullish tailwinds for all Commodities, especially inflation hedges like Silver.

Historical trends from the past two decades show a correlation between higher Oil and Metals prices. In fact there are ten historical instances since 2001 when Oil has ripped higher by more than 50% in 6 months. As a results, Precious Metals have often followed the large rally in Oil with a closely matched increase.

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:

Trading has large potential rewards, but also large potential risk and may not be suitable for all investors. The value of your investments and income may go down as well as up. You should not speculate with capital that you cannot afford to lose. Ensure you fully understand the risks and seek independent advice if necessary.

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