Silver Price Up 8% For The Week

Above, 2023 Canadian Silver Maple Leaf coins. Photo by Armand Vaquer.

For those who have already bought silver when it was low, the good news is the metal soared this week ending above $25.00/toz. 

Kitco News took note of this:

The Good news for consumers is that inflation is definitely going in the right direction; however, they remain elevated, which means that the Federal Reserve is probably not ready to declare victory in its battle against higher consumer prices. But we are closer to the end, breathing new life into the market for now.

While gold prices appear to be on the right side of $1,950, it is still some ways from breaking out as investors continue to sit on the sidelines. According to some analysts, the gold market needs a clear sign from the Fed that it is done raising interest rates before investors jump back into the market.

But that is enough about gold. Silver is the metal attracting some serious attention this week, with prices ending Friday above $25 an ounce. Silver prices are up $1.87 for the week again of more than 8%; its best weekly performance since mid-March.

According to some analysts, the dual headwinds for silver are starting to dissipate. With the Federal Reserve close to its peak rates, silver is benefiting from shifting monetary policy expectations.

At the same time, even in this aggressive monetary policy environment, the economy has been reasonably resilient, which supports silver’s industrial usage. Analysts note that silver should outperform gold if the Federal Reserve can thread the needle and achieve a soft landing.

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