Silver prices have risen nearly 42% this year! Silver rose 7.4% in October alone, while it rose 7.9% and 0.7% in September and August respectively. Precious metal analyst Rich Checkan said that the rebound of silver will not stop here, and the year-end increase may be significant.

In 2020, as the market was impacted by supply chain issues during the pandemic and record inflation, precious metals rose, with gold up 25% but silver up 48%. Then, in the following years, silver spot prices fell into a narrow trading range, but by 2024, silver had consolidated to a level sufficient to achieve a significant rebound. If you are familiar with the historical pattern of silver, this is exactly what people expect to see in a healthy bull market.

Will the increase in silver in 2024 exceed 48%? Given the market fundamentals, this may seem possible, but only time will prove everything.

Analysts are particularly excited about the patterns appearing in the charts.

In the 50 year silver price trend chart, it can be seen that the 45 year trend has formed a cup handle structure. Breakthrough technical analysis indicates that silver is about to experience a historic surge. Some experts believe that the massive cup handle structure spanning nearly half a century suggests that silver may experience a significant rise. When the price breaks through the neck line of the controller, it indicates that there may be a breakthrough and a significant price increase in the coming years.

In the last bull market, when silver reached a historic high of $50 per ounce in April 2011, it rose 1000% from its previous low.

Precious metal analyst Rich Checkan said that the expectation of further interest rate cuts by the Federal Reserve this year, as well as the safe haven demand brought about by the Middle East conflict, will continue to boost gold prices in 2024.

The cup handle pattern on a technical level, coupled with rising demand, inflation concerns, and geopolitical tensions, has laid the foundation for the long-term bullish outlook of silver. Don't miss the opportunity for silver to rebound to historical highs and gold to continue making history. The next upward trend could be huge, so anyone looking for a silver entry point should start taking action.

Daily chart of spot silver