Silver Price Forecast: Highest Level in 14 Years But No Sign of A Top!
The silver price has recorded its highest monthly close in 14 years at $36.05 for the month of June. The last time the price closed this high was July of 2011, when the precious metal notched a close of $39.23. Despite near-record prices, investor interest remains relatively low and we thus see no sign of a top. In this article, we will detail the relevant silver price action and what to expect going forward.
Silver Highest Close in 14 Years
Below is the silver monthly close chart from 2009 through present. Note that as of Monday, June 30, silver has recorded its highest monthly close since July of 2011 (see above chart).
One would think that with such decade+ high prices, investor interest would be booming. However, having been in the silver publishing business for nearly 15 years, we can state without hesitation that investor interest in silver now is nowhere near the level seen back in 2011, the last time prices were this high. Such is a good thing – as low interest means the average investor has not yet entered the silver market, and thus prices are likely to continue rising when he or she does.
Silver’s Short-Term Rising Pattern
Zooming into the shorter-term, below we can see the clear breakout in silver above $35 per ounce to new multi-year highs (red). Since the breakout in early June, silver has been consolidating in a tight range, presently in its 5th week of consolidation. This “pause” has caused many investors to wonder if there is further to come for silver… and doubt has crept back into the sector.
Such doubt is the perfect backdrop for a continuation move higher – as when we view the primary rising trend (blue) from 2022 through present we can clearly see a series of higher-highs and higher-lows printed every several months. This is a strong yet subtle rising trend that silver has been in for the last three years – the perfect backdrop for higher prices without much attention from the mainstream.
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