The global cryptocurrency market cap rose 5.4% against the greenback on Friday. U.S. stocks surged towards the end of day, with four stock indexes gaining gains. Precious metals also soared as the New York spot price of gold per troy ounce increased by 3.20%, and silver’s price value skyrocketed by 7.14% against the U.S. dollar. Four days ago, a blog post published on Peter Schiff’s website schiffgold.com stressed that silver typically outperforms gold and if people are bullish on gold, they “should be even more bullish on silver.”
Silver Jumps 7% Higher, Schiff Gold Report Says People Should Be ‘Even More Bullish on Silver,’ Investors Talk Silver Squeeze
Since August 31st, 2022 when silver’s price per troy-ounce was $17.97, it has performed much better than the rest of the summer. The precious metal is now worth more than 20% more than the U.S. Dollar, and has risen more than 15% since August 31.
However, silver’s spot market price per ounce is over 21% lower than it was during 2022’s silver price high at $26.37 per ounce. After the New York spot price of silver jumped 7.14% on Friday, Nov. 4, 2022, the hashtagged term “#silversqueeze” started to trend on Twitter around 6 p.m. (ET).
One Twitter account said the silver rally on Friday was crafted by “the banksters” and further insisted an ostensible silver price suppression would end soon. “Today’s gold and silver rally was brought to you by banksters,” the Twitter account said. “How did I know that? It is because of the exact pattern of silver and gold (indicates that algos are play). Banksters want to see the price rise. The suppression most likely ends today.”
An additional user said that the silver market could get lit at any moment and stressed: “most people have no idea what is about to happen.” Peter Schiff’s website schiffgold.com says people should be bullish on silver and the blog post discusses how Doug Casey discussed silver with International Man. The blog post explains that gold bulls should be “even more bullish on silver.”
“Silver typically outperforms gold in a gold bull market,” the editorial highlights. “And the silver-gold ratio indicates that silver is significantly underpriced when compared to gold. Historically, when the spread gets this wide, silver doesn’t just outperform gold, it goes on a massive run in a short period of time.”
Fed Rate Hikes Put Pressure on Precious Metals, US Mint Says Its ‘Silver Suppliers Are Increasing Capacity’
Some people are not bullish about silver. The most recent U.S. Federal Reserve hike in interest rates has put pressure on U.S. stock markets, cryptocurrency and precious metals such as gold and silver. At the end of August, the German-based firm Heraeus wrote that “rate hikes and dollar strength” have suppressed the price of silver and gold in the company’s precious metals appraisal.
The appraisal was published a few days later, but Heraeus indicated that the increase in production of polysilicon could lead to a spike in silver demand. Moreover, in more recent times, there’s been a lot of talk about a silver shortage stemming from increased demand.
After you have published a historical tweet from the U.S. Mint’s official Twitter account, the U.S. Mint replied to an individual who asked why the coin issuer wasn’t able to keep up with demand. “Worldwide, silver fabricators are struggling to keep up with demand for silver blanks,” the U.S. Mint wroteOctober 31, 2022 “The Mint’s silver suppliers are increasing capacity in an effort to meet demand. The Mint is also reaching out to additional fabricators to supply silver.”
Aside from that, they have noticedThe spot price for an ounce of sterling silver is $21.85 per unit. However, the cost of buying a physical round of silver is $25.85 more expensive. An American Eagle Silver Coin of one-ounce will set you back almost twice as much at $39, or even more. A 90% silver Morgan silver dollar will cost $36.99, which is 77% higher in price than today’s silver spot market values.
What do you think about silver’s recent market performance and the future value of the precious metal? Comment below and let us know how you feel about the subject.
Image creditShutterstock. Pixabay. Wiki Commons
DisclaimerThis information is provided for educational purposes only. This article is not intended to be a solicitation or offer to sell or buy any product, service, or company. Bitcoin.com doesn’t offer investment, tax or legal advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.