Silver hit a new all-time high of $117.66/oz and rose more than 40% in the past month and 275% in the past year, driven by dollar weakness, geopolitical tensions and gold’s strong momentum. Silver analyst Matthew Piggott explains pv magazine the metal could reach $130/oz in a few weeks.
The price of silver reached another record high today of $117.66 per ounce (oz).
In the last three days alone, prices are up more than 8%, from $108.17/oz.
“There are a few factors at play,” says Matthew Piggott, director of Gold & Silver at British market research agency Metal Focus. pv magazine. “Right now, some of the key things I’ve highlighted are the continued decline in the US dollar, regional liquidity concerns, increased geopolitical tensions in recent days due to Iran, and the positive momentum coming from the strong rise in gold prices. All of the macro factors that have supported the ongoing rally in gold prices continue to play a role for silver.”
Piggott also believes that if silver continues to outperform gold, the price could rise further in the coming days. “I wouldn’t be surprised to see $130 in silver in a few weeks,” he said, adding that he doesn’t see the Iranian crisis as a discrete trigger. “I see it more as a new pillar among other factors that have created strong bullish sentiment towards silver in recent months.”
“Silver and gold continue to rise due to several factors, including ongoing geopolitical concerns, declining trade against the US dollar,” worries about heavy budget spending and speculation that the US could intervene to support the Japanese yen, which is weighing on the dollar.
According to Michael DiRienzo, executive director of The Silver Institute, silver and gold continue to rise due to several factors, including ongoing geopolitical concerns, declining trading against the US dollar, worries about heavy budget spending and speculation that the US could intervene to support the Japanese yen, which is weighing on the dollar.
“Silver is trading as a strategic asset because it sits at the intersection of two powerful forces: hard asset/safe haven qualities, and as a critical/strategic industrial metal with continued strong demand,” he said. pv magazine. “It is important to note that we are in the 6e year of a structural market deficit.”
Although prices have risen sharply, some analysts warn that such rapid gains could leave the market vulnerable to a sudden reversal, as historically extremely rapid price increases have sometimes been followed by abrupt pullbacks.
The price of silver has risen approximately 275% in the past twelve months and more than 40% in the past month alone. The average silver price was $28.27/oz in 2024, $23.38/oz in 2023 and $21.80/oz in 2022.
Rising silver prices, meanwhile, are driving PV manufacturers toward copper-based metallization. Last week, China-based metallization paste supplier DK Electronic Materials highlighted this trend, revealing that a gigawatt-scale customer will use its copper-rich paste for commercial production.
*The article was updated on January 28 with comments from Michael DiRienzo.
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