Commerzbank commodity analyst Carsten Fritsch observed that yesterday, the price of Silver nearly re-approached its record high of $54.5 per troy ounce, a peak last seen four weeks prior.
Silver Poised for Strongest Weekly Gain in Five Months
“However, during trading, Silver experienced a reversal, leading to an almost 2% price drop. This was primarily attributed to a simultaneous decline in Gold prices. Additionally, the preceding rally in Silver was likely somewhat overextended, a factor also reflected in the Gold/Silver ratio dropping below 78, bringing it close to its mid-October annual low.
Despite yesterday’s dip, Silver is on track for its most significant weekly gain in five months. If it closes at or above $52 today, it would mark its highest ever weekly closing price. This week’s upward momentum was supported by the IEA’s forecast for a substantial increase in electricity demand over the next decade, given Silver’s crucial role in power generation, transmission, and electric mobility.”
“According to the Silver Institute, electrical and electronic applications now constitute almost 70% of industrial Silver demand.”
