Silver Price Outlook – November 2024

“Silver prices continued to rise in October, reaching their highest level since 2012. CPM Group has been saying for several months now that silver prices would experience a breakout of the kind that was witnessed during October. A lot of what was holding silver down in recent quarters, despite gold prices breaking fresh record highs regularly, was stale bull liquidation, which is the selling of silver bought by investors in past years in anticipation of silver prices reaching fresh record high levels. The headwinds from such liquidation seem to be much reduced, which could allow silver prices to rise more freely, going forward.

Post the U.S. election, on 6 November, silver prices declined sharply. This was to be expected to some degree given that prices had risen on concerns tied to what would happen during and post the U.S. election. But the election process went by smoothly, which coupled with strong gains post-election in equity values, Bitcoin, bond yields, and the U.S. dollar, weighed on silver prices. While there was a sharp decline in silver prices post the U.S. election for the aforementioned reasons, the broader uptrend in silver prices still remains intact for a variety of political and economic risks outlined in the front of this Report.

In the near term, silver prices could experience some consolidation between $30 and $32.50. But over the next few months silver prices are expected to climb higher. Prices are expected to climb back up toward the $35.50 level. There is a fair bit of resistance to prices at those levels. Prices are nonetheless expected to break above this level going forward.”