Silver’s uptrend reignited last week, riding alongside Gold’s surge and now threatening to eclipse it in strength. The metal is pressing against 40 psychological level, its highest in over a decade, with markets sensing that Fed policy easing this month could provide an extra push. Historically, Silver often lags Gold at the start of a rally but outperforms once momentum builds, and the current advance could also fit that pattern.
That precedent is clear. During the 1970s bull market, Gold’s gain of roughly 2,200% was extraordinary, but silver’s surge of more than 3,000% was even more dramatic. In the 2008–2011 cycle, Gold advanced about 150% from trough to peak, while Silver exploded nearly 400%, touching almost 50. Even in the shorter 2020 rally, gold rose a solid 35% while silver soared 140%. The pattern is unmistakable: once the metals market gains conviction, Silver becomes the standout.
While Gold has provided the steady safe-haven anchor, while Silver’s dual role as monetary and industrial metal gives it more torque once investors commit to a full-fledged precious metals run. In this context, Silver looks positioned to extend higher even if Gold pauses for breath ahead. As long as the rally is not purely defensive, Silver stands to attract more speculative and retail flows, creating conditions for further outperformance. With a dovish Fed providing policy fuel, the next leg higher could confirm silver’s leadership role in this phase of the precious metals cycle.
Technically, Silver is now pressing against the rising channel resistance that has defined the uptrend from 17.54 (2022 low). Sustained break above that barrier, followed by decisive move through 100% projection of 21.92 to 34.84 from 28.28 at 41.20, would open the door to upside acceleration consistent with a fifth-wave extension.
That would set the stage for 138.2% projection at 46.13, or even further to 161.8% projection at 49.18, which is close to 50 psychological level.
For the near term, the bullish outlook remains intact as long as 36.93 support holds. Any dips are likely to be seen as opportunities within the trend rather than signs of exhaustion.
