The spot silver price has just made a fantastic breakthrough. On January 20, this precious metal surged 5% in just one day, breaking a new all-time high by reaching $94.6 per ounce!
Based on market data from Bitget, silver continues to show strength with the latest trade at $94.58 per ounce. This sharp intraday spike is not just a correction, but a historic breakout indicating very strong bullish momentum.
What is driving this explosive rise? Some analysts suspect a combination of a weakening US dollar, geopolitical tensions, and a shift of investors to safe-haven assets following turmoil in the crypto and stock markets. Silver, often referred to as "the poor man's gold," is now shining even brighter than gold itself.
Is this the beginning of a longer rally? Many eyes are now on the psychological level of $100 per ounce. If the buying momentum continues, it is possible that this target will be reached sooner than expected.
One thing is certain: silver has proven that it is no longer a secondary metal. It is a rising star.
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