Silver Surges to 13-Year High Matching Gold's Gains

On June 9, silver continued its strong performance, with prices increasing 2% to nearly US$37/oz driven by a weaker dollar and other favorable market conditions. Last week, the precious metal surpassed the US$36 mark, reaching its highest price since February 2012.

At Monday's close, spot silver climbed 2.2% to US$36.76/oz, after hitting an intraday 13-year high of US$36.90. Silver futures in New York also saw a 2.1% increase, reaching US$36.91/oz.

In contrast, gold closed 0.5% higher at US$3,328.22/oz, as markets awaited developments from US-China trade negotiations. With these gains, silver's year-to-date increase now matches gold's at nearly 26%, positioning it as a top-performing, yet often overlooked, asset.

Brett Elliott, Director, APMEX, suggests that silver "has room to run higher," with many analysts forecasting it could reach US$40/oz by year-end. He noted to CBS last week that this would represent approximately a 20% gain from current levels, which would be an excellent return if the price follows this trajectory. Elliott anticipates that the upcoming Federal Reserve meeting could serve as the next catalyst, as its outcome may indicate the US central bank's future monetary policy. A reduction in US interest rates would generally benefit gold and silver, as these safe-haven assets do not yield interest.