Dean Belder, Investment Market Content Specialist said at INN, the silver price saw significant gains through the first half of 2024, hitting levels not seen in over a decade. After starting the year trading in the US$22 per ounce range, the price of silver saw little change until March, when the white metal began to gain momentum following a US Federal Reserve meeting.
While the Fed left interest rates steady at that time, dovish language provided critical support for silver as investors pushed the price above US$25. Silver continued its upward trend through April and into May, when it climbed above US$32 for the first time since November 2012 and set a year-to-date high of US$32.07 on May 27.
Silver price breaks important US$30 level! A number of factors have been driving the price of silver upward in 2024. Even though rate cuts from the Fed have yet to materialize, softening interest rates and slowing economic growth have led to greater speculation that at least one reduction will come in the second half of the year.
Silver was initially followed gold higher in the March to May period. However, the gains in silver have outpaced gold nearly two to one in 2024. To date, silver has risen nearly 30 percent, while gold has only gained 15 percent.
The pace of these gains has led to improving sentiment among investors. As of April, managed money positions in silver had climbed to their highest level since May 2022, and exchange-traded product holdings rose to their highest since July 2023, as outlined in the Silver Institute’s 2024 World Silver Survey presentation and report.
Silver Institute President and CEO Michael DiRienzo said that the close link between silver and gold has led some investors to use it as a leverage play to gain exposure to gold. “In addition, silver’s low unit cost and lower entry level have also made it more attractive to retail investors with a limited investment budget,” DiRienzo explained.
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