In 2024, the strong recovery of the silver market has attracted significant attention within the industry. Technical and fundamental factors complement each other, laying the foundation for silver's long-term rise. As early as 2020, the combination of global supply chain issues and inflation pushed the precious metals market upward, with silver prices surging 48% that year, outperforming gold. However, in the following years, silver prices mostly fluctuated within a relatively narrow range until this year, showing signs of a strong rebound.
Experts point out that a large "cup and handle" pattern can be seen in the 50-year silver price chart. Once this long-term technical formation is broken, it usually indicates significant subsequent gains. Analysts believe this pattern suggests that silver may enter a new bull market cycle, with prices expected to rise significantly in the coming years. Especially after breaking the "handle" neckline, silver is likely to start a marked upward trend.
In addition to technical support, the fundamental aspect of the silver market is also undergoing positive changes. Precious metals analyst Rich Checkan notes that rising demand for silver, expectations of further rate cuts by the Federal Reserve, and safe-haven demand due to geopolitical conflicts in the Middle East are key factors currently driving silver's rise. Global inflationary pressure persists, and economic uncertainty has also fueled market safe-haven sentiment. These factors are jointly driving the increase in silver demand.
In 2024, silver prices may break through the trading range of recent years and are expected to challenge historical highs. Industry analysis points out that the last time silver prices reached a high of $50 per ounce was in 2011, a 1000% increase. Analysts believe that as favorable factors accumulate, silver prices in the future may also reach similar heights.
Given the long-term upside potential of silver, market experts suggest that investors closely monitor current market trends and position themselves in the silver market early to seize this rebound opportunity. With the dual benefits of technical and fundamental factors, silver is expected to maintain its strong upward momentum before the end of the year, providing an attractive entry point for investors.
