Direct – Sally Ismail: Silver has been following an upward trend recently, to the point of almost doubling its value in just 4 months, which comes with gold reaching its highest level in 9 years.
And silver prices rose from the level of $ 11.77 an ounce recorded last March 18 to reach 21.56 dollars an ounce at the end of trading on July 21.
This means that silver achieved gains of about 83.2 percent in just four months, while gold witnessed an increase of 24.8 percent during the same period.
But this year so far, the white metal has witnessed an increase of more than 20 percent to join the Winners Club during the year 2020, which was badly affected in light of the spread of the “Covid 19” epidemic.
Silver’s performance came as investors flocked to safe havens amid increased epidemics, the recession, and negative real interest rates in the United States, as well as political tensions.
The gains also come on the back of speculation that there will be more stimulus measures to help the global economy recover from the Corona pandemic, as the massive sums that have been pumped in by governments and central banks around the world have supported prices.
Silver has received an additional batch of supply concerns as well as optimism about the recovery in industrial demand for the metal.
Silver is expected to continue its upward trend as long as gold rises amid weak US dollars and bets on more industrial demand, according to Commodity Strategy chief Saxo Bank Olli Hansen during a research note carried by Bloomberg.
In terms of expectations, the price of silver will likely rise to $ 25 an ounce within the next 6 to 12 months, according to “Citigroup“.
By 12:16 pm GMT, the price of silver futures for September delivery rose by 7.6 percent to $ 23.20 an ounce, its highest level since 2013.
Meanwhile, the price of gold futures for August delivery rose by more than 0.6 percent, or $ 12, to $ 1855.90 an ounce.