commandoarcadegame| Is it worth $50 on silver? TD said that after holding the support of US$31, silver prices will break through significantly

Silver is holding on to initial support above $31 an ounce. TD Securities said that as momentum increases, silver still has room to rise.

TD Securities commodities analysts reiterated in a report released Tuesday that they were optimistic about the outlook for silver as physical demand for silver continues to exceed supply. Daniel Ghali, senior commodities strategist at Bank of Canada, said in the latest report that he is closely monitoring silver's historical highs.

Ghali wrotecommandoarcadegame:"Silver prices exceeded US$30 per ounce last time and rose to US$50 per ounce in less than 10 weeks."

Ghali said the recovery in investor demand that drove prices to rebound last week will exacerbate the widening gap in silver and provide long-term support for silver prices.

TD Securities has been a long-term bull in silver because industrial demand is expected to create another significant market gap. TD Securities said in a report released last month that growing demand could deplete large quantities of above-ground inventories within 12 to 24 months.

Last month, the Silver Institute said in its annual World Silver Survey that it expected a silver supply gap to reach 2.5 percent.commandoarcadegame.15.3 billion ounces, the second largest gap in more than 20 years.

Although silver has risen sharply in recent days, some analysts say the silver market is just beginning to catch up with gold.

Silver's recent excellent performance in the precious metals sector has pushed the gold/silver ratio to 75 points, the lowest level since December 2022. Spot silver closed up 0.53% on Monday at US$31.95 per ounce.

Some analysts said silver is attracting new attention as investors seek to hedge against rising inflation.

Daily chart of spot silver

At 8:40 on May 22, Beijing time, spot silver was quoted at US$31.98/ounce

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