Will silver prices rise in October? [Video]
![Will silver prices rise in October? [Video]](https://editorial.fxstreet.com/images/Markets/Commodities/Metals/Silver/stack-of-silver-bars-in-the-bank-vault-43870956_XtraLarge.jpg)
Silver prices rose more than 3% on Thursday amid renewed buying as traders look to hedge against global economic uncertainties and rising inflation.
Throughout September, the prospect of the world’s leading central banks moving more aggressively to stamp out inflation pushed Silver prices to their lowest level since July 2020.
However, as traders know – when something goes on sale, you have to buy it.
And that is exactly what we are seeing heading into a fresh month and fresh quarter.
Despite the near-term volatility, many traders remain bullish on Silver in the long-term, as they expect the global green energy transition to drive up demand for the precious metal.
Growing demand for clean energy and electric vehicles will make Silver an essential commodity similar to its peers such as Copper, Palladium, Lithium, Nickel and Uranium – all of which have surpassed multi-year highs in recent months.
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.
Historically, 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.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:
Author
Phil Carr
The Gold & Silver Club
Phil is the co-founder and Head of Trading at The Gold & Silver Club, an international Commodities Trading Firm specializing in Metals, Energies and Soft Commodities.
