Silver Prices Surge to 14-Year High at $33.25, Gold Hits Record

Oct 18, 2024, 04:10 PM

Silver prices have surged to a 14-year high, reaching $33.25 per ounce on October 18, 2024. This marks the highest level for silver since 2012. The rally in silver prices is driven by strong buying pressures and technical factors, with silver futures up 4.5% and nearing a significant breakout. Analysts note that silver remains undervalued compared to gold, with the gold-to-silver ratio at 83. The surge in silver prices has also positively impacted gold, which hit a new record high of $2,720 per ounce. SILJ is reacting strongly and is up 5%. The market is closely watching whether silver can maintain its momentum and close above key resistance levels, potentially signaling further gains.