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Silver and gold have dipped this week, facing headwinds from a stronger U.S. dollar. The U.S. dollar’s rally against other currencies makes dollar-denominated gold more expensive for holders of other currencies and is therefore bearish for precious metals . A ceasefire last week between Israel and Hezbollah has also reduced bullion’s attractiveness as a safe haven asset.
Silver is also up 29% in 2024. It fell 5.2% in November after advancing 4.3% in October and rallying 7.9% in September. , if historical patterns are to be believed. The last bull market saw spot price gains of 2-3 times the lows. The patterns of rallies and consolidations of gold and silver these past few years is supporting another bullish market cycle with several more years to go before it peaks.
silver tends to lag behind gold well into a bull market cycle, before overtaking gold's gains explosively
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