Silver surged more than 10% to reach $30 an ounce on Monday, the level not seen since February of 2013 amid Reddit-inspired enthusiasm from groups of retail investors. The frenzy on small-cap, highly shorted stocks spread over into the silver market, driving up prices of physical metal, silver miners and exchange-traded funds. Reddit posters claimed that banks have been manipulating prices, keeping them artificially low and covering a shortfall in physical supplies. Looking for the fundamentals, stalled vaccine rollouts and contagious new coronavirus strains boosted the metal safe-haven appeal while doubts remain over whether US Congress will pass the $1.9 trillion stimulus plan unveiled by the new Biden administration.
Historically, Silver reached an all time high of 49.51 in April of 2011. Silver - data, forecasts, historical chart - was last updated on February of 2021.
Silver is expected to trade at 27.91 USD/t. oz by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 25.32 in 12 months time.