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Silver price follows gold rally: prospects promising
The price of silver is being carried away by the gold rally - is the recovery sustainable? Find out more about the current developments. #SilverPrice #GoldPrice #Precious Metals
Silver price follows gold rally: prospects promising
In the course of the gold price's record series, the silver price has also recently received a boost. The shiny precious metal recorded positive developments and reached a new two-year high. Gold's recent rally has had a positive impact on silver prices, with experts praising silver's buoyant performance.
Analysts are optimistic about the further development of the silver price. John Roque of 22V Research confirmed that silver is ready to join gold's uptrend. His price forecast sees an initial target of $30 and then possibly even $40. These outlooks are based on technical analysis that takes into account statistical trends in market data.
An important aspect that highlights the strength of silver is its diverse uses in industry. Daniel Ghali of TD Securities highlighted that silver is not only used for precious metal purposes, but also plays a crucial role in the energy transition. Industry has high demand for silver, especially in the context of the energy transition, as the raw material is used in various applications.
Despite the positive developments and rising prices, experts warned about the volatile nature of silver trading. Investors should be aware of fluctuations and weigh the risks. The question of the sustainability of the silver price recovery remains as analysts keep a close eye on further developments.
Overall, the silver price is on a promising course due to the influence of the gold rally. The future of the silver market will be influenced by various factors, including industrial demand and global economic conditions. Analysts and investors are eagerly following whether the recovery in silver prices will last and how sustainable the current high for the white precious metal will be.