Gold surged to a record high above $3,500 today. A weaker dollar, expectations of Fed rate cuts, strong central bank buying, and safe-haven demand are fueling the rally. Silver also traded above $40 reaching the highest levels since 2011, adding momentum to the precious metals boom.
A bearish Head and Shoulders pattern is forming in the silver market. The pattern is confirmed once price breaches neckline support, which is at around $35.20.
Silver prices have surged to new 13-year highs, reaching levels not seen since February of 2012. The recent rally has been driven by various factors, including robust industrial demand, supply constraints, and heightened investor interest in safe-haven assets amid Middle East tensions.
Silver is a naturally occurring element that can be found in your jewelry, at the dinner table, in your digital camera, in your car and in your pocket. It is a monetary metal with roots that run parallel to gold.
In the early seventies, amidst political upheaval, inflationary pressures and stagnant economic growth, the richest family in America (at the time), the Hunt family of Texas, tried to corner the market on precious metals.