Silver has recently demonstrated impressive growth, surging to $32.5 per ounce in late Stember, marking its highest level in over a decade. This surge parallels the rising trends seen in other bullion assets, driven by expectations of forthcoming rate reductions from the Federal Reserve. In a surprising move during its Stember meeting, the Fed implemented a 50 basis points rate cut, prompting FOMC members to acknowledge that the swift decline in the labor market's resilience and softening inflation figures may necessitate further easing in future decisions.
Additionally, silver has benefitted from recent announcements regarding robust fiscal and monetary stimulus aimed at bolstering the world’s second-largest economy. This uptick in silver prices aligns with gains across industrial metals, enhancing the prospects for silver-dendent manufacturing sectors, including electrification technologies and solar panel production.
Since the start of 2024, silver has increased by $8.51 per t. oz, rresenting a 35.82% uptick based on trading conducted through contracts for difference (CFD) that track market benchmarks for this commodity. Analysts predict that silver will stabilize at $29.56 per t. oz by the conclusion of this quarter, with further estimates indicating a potential price of $31.78 within the next 12 months.