Silver is an important metal that is classified as a precious metal. This is despite the fact that it is less expensive than other precious metals such as gold, palladium, and platinum. An ounce of silver sells for about $15. This is much lower than gold’s $1300 and palladium’s $1250. Because of this, silver is known as the poor man’s gold or gold’s poorer cousin. The reason for this is that the amount of silver in the world is much more than that of these other metals. In addition, it is easy to recycle silver than the other metals.
The price of silver bottomed in September last year when they reached a low of $13.94. After that, the price started a rally that saw it reach a high of almost $16 last week. Since then, the price has moved slightly lower to a low of $15.78. At the same time, gold has seen its price increase by more than 20% during this time.
The chart below shows the recent performance of silver. As shown, the price has been on a major rally that has seen its trade above the 28 and 50-day exponential moving average. The parabolic SAR indicator continues to show that the price will likely continue moving higher. The same is true with the Bollinger Bands and the RSI. There is a likelihood that the price will continue the upward momentum. If it does, it will likely retest the important resistance level of $15.