Silver Price Gears Up for Record Heights Amid Supply Deficit and Rising Demand
Silver continues its upward trajectory
Silver is moving towards its highest price in over ten years, buoyed by supply deficits and growing demand in the technology and renewable energy sectors. The recent US inflation report has triggered a surge in silver prices.
The journey to the present highs
Silver hit its all-time high in 2011 at $49.51 per ounce, significantly surpassing the $30 mark now. Silver price chart since 2014 indicates a gradual incline.
Current price and projections
At $29.54 per ounce, silver is on a month-long peak, elevating 8.85% over the past week. Analysts foresee silver breaking its resistance at $30 and escalating further.
Investor sentiments and expert views
Despite strong fundamentals, investors remain wary of purchasing gold and silver mining stocks. Analysts like Peter Schiff and Mike McGlone emphasize the positive future prospects of silver prices.
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This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.