With March coming to a close, silver has seen significant gains this month, rallying more than $3, its best monthly performance since December 2020. May silver futures settled Friday at $24.235 an ounce, up 1% on the day and nearly 4% for the week.
"If the bullish trend remains intact for both metals, silver should shine more brightly, is what this chart is telling us," he said. Analysts note that easing fears over the global banking crisis is generating some optimism for the global economy, supporting silver's industrial component. At the same time, concerns that this is only the eye of the storm are providing some safe-haven support to the precious metal.
Similar to gold, silver is also benefiting as a monetary metal as cooler-than-expected inflation data is adding to expectations that the Federal Reserve has finished raising interest rates.
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