Silver prices are on the rise and could potentially exceed $30 in the future!

Against the backdrop of gold prices soaring to historical highs,How to open a foreign exchange account silver has been underperforming, struggling to keep pace with gold. However, market sentiment is gradually shifting. As the new week begins, silver prices have broken through $29 per ounce, hitting a four-week high at $29.46.

This upward momentum has helped alleviate the significantly widened gold-to-silver ratio since early July. Currently, the ratio has dropped to 85.5 points, down from about 90 points last week.

Christopher Lewis, a senior market analyst at FXEmpire, noted in a report published on Monday that he believes silver's rise is just beginning, and any pullback should be seen as a good buying opportunity.

In the report, he stated: "Overall, I believe the market will continue to experience significant volatility, but I remain optimistic about the overall upward trend."

Joaquin Monfort, a market analyst at FXStreet, stated that if the current upward momentum continues, he expects silver prices to break through $30 per ounce.

Unlike gold, silver has struggled to maintain a sustained upward momentum in the current market environment. Some analysts believe this is because silver's industrial demand factors make it more susceptible to economic fluctuations. Although lower interest rates help support silver's status as a monetary metal, the risk of economic slowdown keeps investors cautious.

However, analysts point out that even during economic downturns, the supply-demand imbalance in the silver market remains severe, which is expected to continue pushing prices higher.

According to the Silver Institute's forecast, the silver market will face a supply shortfall of 215.3 million ounces this year, the second-largest shortfall in over 20 years.

Against this background, Daniel Hynes, a senior commodity strategist at ANZ Bank, stated that he expects silver to keep pace with gold. As gold prices rise, the strong fundamentals of silver might rekindle investor interest.

Many analysts expect silver prices to rise steadily this year. As early as last month, commodities analysts at Bank of America predicted that the gold-to-silver ratio would fall to around 75 points by the end of the year, with an average price of silver around $28 this year.

As of 9:10 AM Beijing time on August 20th, spot silver prices were reported at $29.38 per ounce.

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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