2024 has been quite a compelling year for major financial developments. With gold and Bitcoin rallying alongside major stock indices, it’s been a mix of all financial domains, with investors vying to control all possible realms.
That being said, another breakout asset is now entering the financial realm, posting gains unlike anything the market has witnessed. The asset realm is up for a haul; this time, silver is proving to be a more lucrative metal to hoard and stash for long-term gains.
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Silver Rallies Hard, Leaving Investors Wanting For More
Rising geopolitical tensions are adding to investors’ woes, pushing them to invest in safe-haven assets. This development has compelled the prices of gold and silver to skyrocket to new highs, with a surging demand to stash the aforementioned assets for the long haul.
Gold has surged nearly 32% this year, proving how 2024 has worked exceptionally well for the metal. At the same time, silver has also rallied hard, rising to 42%, its highest peak in about 12 years.
“Gold is up 32% and is on track for the best year in 45 YEARS. Silver has rallied 42% to its highest level in 12 YEARS and is having its 5th-best year this century.”
Many new reasons have primarily fueled the spike in the price of silver. For instance, the market is bracing for further rate cuts to stabilize the economy, which is again adding to the surge in silver prices. The demand for silver is also peaking due to its increased usage in the green energy sector. In addition, silver’s usage in the jewelry sector is also expected to rise, helping the metal gain further mainstream momentum.
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Robert Kiyosaki Echoes Call To Buy Silver, Peter Schiff Joins In
Robert Kiyosaki, the author of Rich Dad Poor Dad, is back with his new opinions on the metals market. Kiyosaki touted as a staunch metal proponent, has issued a new forecast, urging investors to pivot towards silver.
The expert shared that investors should buy silver right now at a feasible and affordable price. At the same time, Kiyosaki warned investors to stash silver before it hits $50. The metal is currently sitting at $34.
Peter Schiff, a notable economist, also joined Kiyosaki in the pro-silver conversation. Schiff reiterated the buy silver signal, adding that metal is indeed the best buy of 2024.
The Precious Metal To Touch $50 Soon?
Notable analyst Rashad Hajiyev has once again issued a new forecast about silver. In one of his tweets, Hajiyev shared how Silver will first touch the $40 mark and, after a brief consolidation, may finally exceed the $50 mark.
“Gold could top around $2,850-$2,875 at the present cycle, and the gold-to-silver ratio could drop to a multi-year support around 72.50-773 level, which means that silver could rally to $39-$40. The rally would not end there. After a multi-month consolidation, I expect silver to exceed the $50 mark.”
