Silver has surged past $35 and held firm, signaling a bullish trend. With gold easing amid geopolitical calm, analysts see room for silver to climb further.
Silver continues to show strength, trading at $36.20 per ounce on Monday morning despite a $50 drop in gold prices. This comes after silver broke through the key resistance level of $35, a price it hadn’t touched in over a decade.
As of June 24, spot gold is trading at $3,313 per ounce, down 1.9% on the day. In contrast, silver is up slightly, holding gains even as gold slides.
Peter Schiff, chief economist and global strategist at Euro Pacific Capital, highlighted silver’s resilience in a tweet:
This rally in silver marks the first time prices have held above $35 since 2011, when silver briefly spiked near $50 during the commodities boom. According to historical data from the London Bullion Market Association (LBMA), silver last traded above $35 in early May 2011.
Why Is Silver Rising?
Analysts say silver is getting support from both investors and industry:
Investor interest is growing as silver plays catch-up to gold and offers a lower entry price. Industrial demand, especially for solar panels, electronics, and batteries, continues to rise, putting pressure on already tight supplies. “We’re seeing steady physical demand and constrained supply in the silver market,” said Daniel Ghali, commodity strategist at TD Securities. “That makes the breakout more sustainable.”
Many analysts believe silver has room to go higher. Citi Research recently forecast that silver could reach $40 per ounce within the next 6–12 months, and possibly $46 by Q3 of this year if momentum continues. However, short-term pullbacks are still possible, especially if gold continues to weaken.
Still, silver’s ability to hold above $35 even as gold retreats suggests confidence among traders.
Silver has broken out of a long-term range and held above a key technical level. With demand strong and gold softening, the outlook for silver remains bullish, at least for now.
This article is for informational purposes only. The opinions and analysis herein are those of the author and are not financial advice. The Jerusalem Post (JPost.com) does not endorse or recommend any investments based on this information. Investors should consider their financial situation, investment goals, and risk tolerance before making any decisions. Consulting a qualified financial advisor is recommended. JPost.com is not liable for any investment losses from using this information. The information provided is for educational purposes only and should not be considered as trading or investment advice.
