Silver and gold have dipped this week, facing headwinds from a stronger U.S. dollar. The U.S....
Silver is up nearly 42% for the year! Silver is up 7.4% in October alone, after gains of 7.9% in September and 0.7% in August. But the rally won't stop here and end of year gains could be significant.
In 2020, when precious metals rallied as markets were rocked by pandemic-era supply chain issues and record inflation, gold saw gains of 25%, but silver rose by 48%. Then, for the next few years, silver spot prices dropped into a narrow trading range, but in 2024, silver has consolidated enough for a major rally. If you're familiar with the historical patterns of silver, this is exactly what one would expect to see in a healthy bull market.
So is silver set to gain more than 48% in 2024? It certainly seems likely given the market fundamentals, but only time will tell.
Analysts are excited in particular over a pattern that has emerged in the charts.
50-year Silver Price Chart
The cup-and-handle formation you can see has been roughly 45 years in the making. Groundbreaking technical analysis indicated silver is poised for a historic surge. The massive cup and handle formation, spanning nearly half a century, points towards the possibility of a massive surge with silver potentially reaching mid to high triple digits according to some experts. When the price breaks above the neckline of the handle, it signals a potential breakout and significant price increase over the next few years.
In the previous bull market silver saw gains of 1,000% over the previous lows when it established the current all-time high of $50 per ounce in April of 2011.
Expectations of additional Fed interest rate cuts this year and haven demand from the conflicts in the Middle East are continuing to bolster bullion prices in 2024.
The cup and handle pattern, combined with rising demand, inflation concerns, and geopolitical tensions, create a strong bullish outlook for silver in the long-term. Don't miss out as silver climbs back toward all-time highs and gold continues to make history. The next move upward may be massive, so anyone looking for an entry point in silver should stop looking and start taking action.
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1 oz. Silver Austrian Philharmonics
Just $2.89 over Spot!
*Prices subject to change based on market fluctuation and product availability. Prices reflected are for cash, check, or bank wire. Minimum order is 100 oz. silver. Free shipping, handling, and insurance are available for purchases of 500 oz. silver or more. Date selection is random and based on availability. Offer expires Friday November 1, 2024, or while supplies last.
