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Silver Market Analysis
October 14, 2022

Silver Price Outlook


"Silver Price Outlook
Starting in the middle of August, both gold and silver prices had declined. Gold prices had continued to decline during September, dropping to their lowest level since April 2020 on 28 September. Silver prices, which had slipped to their lowest level since June 2020 on 1 September, managed to stabilize and recover some of those losses over the course of September, charting a different trend from that of gold during September. Silver prices settled at $19.04 on 30 September, up from a settlement price of $17.67 on 1 September. Silver Prices Silver’s somewhat extreme underperformance relative to gold in the months prior to September, which can be seen in the stretched gold:silver ratio, could have been one possible reason for the relatively better performance of silver over gold during September. The gold:silver ratio had reached 95 on a monthly average basis during August, which was the highest level for this ratio since June 2020. While the monthly average ratio has fallen back to 88 in September, it is still fairly high.

The strength in silver’s move higher at the beginning of October suggests that there is a fair bit of interest in silver at the levels that were seen in September. The various political and economic factors that are expected to be positive for gold are also expected to support silver prices during the fourth quarter of the year. Silver prices face strong resistance at the $21.40 level, which needs to be broken for prices to continue rising. On the downside, silver prices have strong support at $18.00."

*This information is solely an excerpt of a third-party publication and is incomplete. Please subscribe to the referenced publication for the full article. This is not an offer to buy or sell precious metals. Investors should obtain advice based on their own individual circumstances and understand the risk before making any investment decision.

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