Silver has soared to a 13-year high this week, pushing past key levels that leave it well positioned for further gains.
While gold has seen some healthy price gains this week of more than 1.5%, they have been dwarfed by silver, which has shot up more than 10% at it’s peak today. From the weekend close of $33.01, silver has jumped to a peak of $36.38 this morning. This represents the highest spot silver has traded since September 2011, when silver was coming down from the financial crisis high.
$35 per ounce was already a key level of resistance, and silver soundly pushed past that yesterday, storming onwards to sit above $36 in trading today. Silver has only broken past $36 on three occasions (including this current run), and both of the other occasions marked a rapid climb towards highs of $49.45 (1980) and $48.70 (2011). While it remains to be seen if history will repeat itself a third time, silver’s performance has gained plenty of attention and excitement within the market.
In GBP, silver hit a peak of £26.80 this morning, the highest in that currency since 2011 as well, and closing in on the UK all-time high of £29.26. With the pound hitting a three-year high against the US dollar, that is keeping silver from achieving new records in Sterling. At 2025’s GBP low of $1.21 silver would currently be £29.87. In Euros, silver hit €31.65, also very close to Europe’s 2011 record of €32.88.
The gains have been long-awaited given silver’s lacklustre performance compared to gold’s continual record breaking in the past few years. With industrial demand remaining high, silver may also be enjoying some stockpiling in the face of disputes of key minerals and metals as part of the ongoing trade war between the US and other countries.
Jumping nearly 10% in a week will undoubtedly result in some selling pressure, but breaching key levels like $36 per ounce will also bring in the attention of technical buyers. If all of silver’s demand drivers combine in the face of rising prices then silver could once again see significant gains in a short time. When silver broke past $36 in 2011, it took just roughly 5 weeks for it to hit $48.70.
