$50 on silver? Daoming said that after holding the support of $31, the silver price will significantly break through

Hot columns Optional shares Data Center Market center money flow Simulated transaction

client

　　 silver It is holding the initial support level above $31 per ounce. Daoming Securities said that with the increase of momentum, silver still has room to rise.

In a report released on Tuesday, commodity analysts of Dominion Securities reiterated that they are optimistic about the prospect of silver because the physical demand for silver continues to exceed the supply. Daniel Ghali, senior commodity strategist of Bank of Canada, said in the latest report that he was closely watching the historical high of silver.

Ghali wrote: "The last time the silver price exceeded 30 dollars/ounce, it rose to 50 dollars/ounce in less than 10 weeks."

Ghali said that the recovery of investor demand that pushed prices to break through the rebound last week will exacerbate the growing gap in silver and provide long-term support for silver prices.

Daming Securities has always been a long-term bull of silver, because industrial demand is expected to create another major market gap. In a report released last month, TD Securities said that the growing demand may consume a large amount of ground inventory within 12 to 24 months.

Last month, the Silver Institute said in its annual World Silver Survey that the silver supply gap was expected to reach 215.3 million ounces, the second largest gap in more than 20 years.

Although silver has risen sharply in recent days, some analysts said that the silver market has just begun to catch up with gold.

The recent excellent performance of silver in precious metals has pushed the gold/silver ratio to 75 points, the lowest level since December 2022. Spot silver closed 0.53% higher on Monday at $31.95/ounce.

Some analysts said that silver is attracting new attention as investors seek to hedge against the risk of rising inflation.