Will Silver prices outperform Gold in 2024? [Video]

With so much hot money chasing the Commodities Supercycle – precious metals are tipped to be one of the best-performing asset classes of 2024. 

There has been considerable excitement in the Gold market lately with the price touching a new all-time record high of $2,200 an ounce. However, trader’s attention is now starting to turn to Silver on rising expectations that grey metal will be next to hit new record highs. 

Gold has been on an epic run since October last year, rallying from near the $1,800 level to score back-to-back all-time record highs this month – not once, not twice, but on multiple occasions. 

Last week, Gold prices set a new record high within striking distance of $2,200 an ounce to surpass the yellow metals previous all-time high of $2,159 an ounce reached only a day earlier – extending its gains by an impressive 21%, within the short space of 5 months. 

Meanwhile, Silver prices have climbed above the key psychological level of $25 an ounce for the first time in 2024. 

And this could just the beginning! 

While Gold has seen a huge surge in bullish momentum, the Gold-to-Silver ratio has remained relatively steady, currently trading around 87, which means it takes 87 ounces of Silver to buy one ounce of Gold. 

In other words, Silver is undervalued and presents massive upside potential! 

According to analysts at GSC Commodity Intelligence – Silver has a habit of lagging behind Gold for extended periods of time.

But once it gets going, it really gets going. 

Historically, Gold will shoot up first and then you will see Silver take off rapidly. And Silver always outperforms. 

That's exactly what we could see play out again! 

One of the most recent examples is the pandemic era, which led the Federal Reserve cut interest rates to stimulate a faltering economy. As a result, over an 18-month period – Gold prices tallied up a 39% gain, rising above $2,000 an ounce. While, Silver skyrocketed above $30 an ounce – notching up a 147% increase. 

If a long list of the world’s most powerful Wall Street banks are correct with their forecasts – then Silvers fortunes could be about to turn again in the second half of 2024, when the Federal Reserve is expected to start cutting interest rates. 

Whichever way you look at it, one thing is clear. Silver is still relatively cheap compared with Gold and certainly has a lot of catching up to do. In my opinion, Silver is definitely the best trade right now and the one to watch heading into the second quarter of this year. 

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions: