This week, the price of one ounce of silver has seen a significant rise. Over the past five days, silver has increased by more than 11% against the U.S. dollar, surpassing gold’s 2.3% five-day gain. Silver reached $31 per troy ounce for the first time since February 2013.
Silver Squeeze: Precious Metal Soars 11.8% in 5 Days, Reaching Its Highest Price Since 2013
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Silver Hits $31 per Ounce, Outperforms Gold
Precious metals enthusiasts have had a positive week as the value of gold and silver has climbed. A troy ounce of gold is trading at $2,414.71 on Saturday, May 18, while silver is priced at $31.49 per ounce. Gold’s 2.3% increase has been well-received, but silver’s 11.8% rise against the dollar has garnered even more attention.
“Silver is up over 30% so far in 2024, trading at its highest price since Feb. 2013,” the precious metal fan Peter Schiff stated on Friday. “Silver is both a precious and an industrial metal. It’s an even better indicator than gold that inflation is accelerating. The Fed is wrong and investors are delusional. Prepare for a crisis,” he added.
Numerous analysts and market observers claimed they had foreseen this moment. “Been saying lately that silver will break out soon above [the] $30 level. Now it has,” a commodities analyst wrote on X. “Realize that your future life depends upon making the most of this precious metals bull market. Then it is extremely important to also really understand that nothing matters but price. Absolutely nothing.”
As of May 2024, there are signs of a potential silver squeeze brewing and social media posts are fervently discussing the topic. Amid multi-year price peaks, silver is expected to experience its fourth straight annual supply deficit in 2024, driven by unprecedented demand for solar panels. Additionally, tightening supply conditions have reduced the gold-silver ratio, signaling heightened investor interest in silver as an alternative to gold.
“I’ve been waiting 13 years for this moment. #silver #silversqueeze,” one person wrote on X. Interestingly, a spike in silver prices and the hashtag #silversqueeze emerged during the meme stock and Wall Street Bets phase of 2021. The recent rise in meme stocks and the return of the so-called ‘Roaring Kitty‘ appear to have reignited silver squeeze ambitions. On social media, users have also noted this recurring trend.
While some individuals like Schiff view the silver price spike as a harbinger of an impending crisis, others interpret it as a long-awaited opportunity in a formidable precious metals bull market. As market dynamics continue to evolve, the latest silver saga has captivated market observers, and it has reignited the prospect of a concerted squeeze reminiscent of the meme stock frenzy in 2021, adding an intriguing layer to the unfolding narrative.
What do you think about the alleged silver squeeze? Let us know what you think about this subject in the comments section below.
