It's another big day for Precious Metals in the markets with Silver up over 4% for the day and Gold doing well too. Silver in particular is very interesting at the moment because it's been flirting with the US $30 level for many years now and it might be just about to finally break through.
You can see from the chart above that the Silver price has met Resistance at $30 several times. In August 2020 and February 2021 it threatened to break through $30 and failed, then again last month it had another attempt. However, todays strong rally has the price up there again and barring a sharp reversal it really looks like this time the momentum is going to push it through.
There has been a bit of a Perfect Storm brewing for Precious Metals for some years now, but here in 2024 it looks like a lot of those Tailwinds are coming together. If the $30 Resistance is broken the big question is going to be - How far will Silver run? It can be a very volatile metal and it's often heavily manipulated, but markets do inevitably assert themselves over time so if Silver can blow the lid here it could make a fairly spectacular run.
