Silver Trends Amid Gold’s Price Hike: Why is Silver Rising?
Silver is also experiencing a notable price hike amid the recent gold rush. The metal has finally broken its consolidation phase, embracing bullish momentum and pace.
Silver has long been stuck in a consolidation phase, portraying a reluctant stance on its price threshold. However, with the growing demand and the metal’s prestige growing stronger, the price of silver has finally broken past several resistance levels to reach $27.3 at press time.
Also Read: Currency Wars: Declining USD Bolsters Prospects for Gold and Silver
Why is Silver Rising?
The financial markets around the world are undergoing a dynamic shift. With user sentiment shifting towards accumulating robust metals as a hedge against inflation, the prices of gold and silver are touching new highs.
Silver is up $27 an ounce, while gold price sits at the $2300 threshold. The demand for these metals has grown tremendously as users are now transitioning toward exploring safer asset alternatives to battle the growing inflation woes.
Various financial analysts on X have regarded the silver price hike as one of the best developments to note in the domain of finance.
“This is undoubtedly the best-looking chart I’ve seen in my career. One of the most important macro-developments unfolding as of late. If you ask me, the silver rush is just getting started.”
Silver has long been propagated as a solid alternative to battle the rising inflationary pressure. The author of Rich Dad, Poor Dad, Robert Kiyosaki, an ardent metal proponent, further shared his theory on how silver and gold are dubbed solid backups to fight inflation and sudden economic pivots.
“As I warned in RDPD over 27 years ago, “savers are losers.”The dollar has lost 95% of its purchasing power since 1913, the year the Fed and IRS were formed. Please wake up and take control of your money and your information. If you trust our political leaders, you are in trouble financially. Please take control of your financial teachers and your money.I am a hard, real money advocate, and I only save real gold, silver, and Bitcoin.” Kiyosaki later shared
Demand for Silver Peaks Amid the Gold Rush
As investors pivot towards safer hedge options, the demand for silver is also growing at a consistent pace.
Also Read: Gold or Silver: Which Commodity Delivered the Highest Profits?
The growing retail demand for silver is driving its current price rush. According to the Silver Institute, the global demand for silver has grown 18% to 1.12 billion b/z (2022). Silver, alongside gold, is used heavily in sectors related to jewelry, manufacturing, engineering, and healthcare, which are now inflating its retail demand. The Silver Institute issues a positive forecast for the metal with its demand touching 1.2 billion ounces in 2024.
