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The standout move in silver came as it broke above its 50-day moving average at $32.61—a level now acting as a strong support base. This clears the path for a retest of the March high at $34.59, with Thursday’s pullback to $32.70 (+0.29%) looking more like a pause than a shift in trend.
Technical setups favor a continued grind higher, provided silver maintains support above $32.61. Traders are closely watching this zone for confirmation of sustained strength.
Gold Peaks and Reverses, Triggering Ratio Spike
Gold surged to $3,500.20 overnight before reversing in a steep sell-off that marked a potential short-term top. That peak coincided with the gold/silver ratio spiking to 105.77—its highest level in three years and well above the long-term average near 60.
The blowout in the ratio underscores silver’s underperformance and positions it as a value trade for those expecting mean reversion. The ratio spike occurred before gold’s reversal, suggesting silver may start to regain relative strength.
Industrial Demand and Deficit Outlook Remain Intact
While macro concerns like slowing growth and stagflation fears weigh on silver’s industrial narrative, structural support remains. The Silver Institute’s latest 2025 forecast shows a projected 117 million ounce deficit, marking the fifth consecutive year of shortfalls.
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