The monthly silver price chart is simply stunning. It is THE most powerful chart, in financial markets, not just for April of 2024 but for the entire year.
Related – When Exactly Will The Price Of Silver Start A Rally To $50?
“When oh when is your bullish silver prediction going to materialize,” is what many have been asking us. “Wait and see, relax, be patient,” was our default answer.
April 2024 seems to become a BIG month for silver.
A stunning silver price chart
If anything, silver’s price chart in April of 2024 is absolutely stunning.
While we do realize that the month has just begun, we also have sufficient evidence that this cycle is very bullish for precious metals. Our gold forecast 2024 is already achieved, it might be crushed during this quarter.
Below is the monthly silver price chart over 20 years. While the 50 year silver chart is impressive, we need a shorter timeframe to understand the medium term impact of dominant patterns.
The 20-year silver price chart could not have been any clearer than this – a clear and powerful silver breakout is ongoing. The upside target remains $34.70 which might be hit in May of 2024 already.
Is the silver shortage pushing prices higher?
Presumably yes – the silver supply squeeze might be the catalyst for this secular and beautiful silver price breakout.
The @SilverInstitute predicts that #silver demand will reach the 2nd highest level ever recorded this year. Get a breakdown of silver demand by industry: https://t.co/wxQfQe6BPh pic.twitter.com/D76zXy0PJP
— Minerals Make Life (@MiningFan) February 27, 2024
Admittedly, the signs of a deepening silver shortage are too strong to ignore.
We said it many times – the market is simply waiting for the ‘right moment’ (whatever this means) to bring the price of silver more in balance with the silver supply squeeze situation.
The moment might be NOW!
If the above is true, which we believe it is, then it makes so much sense that silver will largely outperform gold!
Gold prices could keep climbing — but analysts expect silver to steal the show @CNBC https://t.co/clkVN3ZaQW
— The Silver Institute (@SilverInstitute) March 11, 2024
How much higher can the price of silver go?
It is very simple – in all our forecasts and analyses, we have always mentioned $34.70 as the first bullish target for silver.
Note that this is not the ultimate target, as, longer term, it is clear that silver wants to move to $50.00.
IF there is a time when silver could move to $34.70, it would be and should be in this current 3-month cycle which started on March 1st, 2024, and runs until May 31st, 2024.
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