Current wave of silver price growth will reach 30.8 level

Silver has risen in price by almost 6% since the beginning of the year, and quotes have returned above the psychological level of $30 per ounce. The white metal is popular among participants of financial markets, especially since silver price is much lower than last year’s highs. The price may test the 30.8 mark as a part of the current growth wave before sellers cause a corrective pullback.

TD Securities Senior Commodity Strategist Daniel Ghali highlights substantial redistribution of silver stocks on the world's leading exchanges. Both investors and industrial consumers are actively transporting the white metal to the US, further draining London Metal Exchange (LME) warehouses. The market participants are trying to protect themselves from possible precious metal import tariffs, which can be imposed next week. 

In Ghali’s opinion, accumulating silver in the US to the detriment of other countries will additionally increase the deficit that has been present for 4 consecutive years. In this situation, the upside potential of silver is far from being exhausted. TD Securities stick to the forecast of silver prices rising to $40 per ounce. If LME silver warehouses continue to be emptied, this level can be reached in the coming months. 

According to the Kitco News Top Metals 2025 survey, silver was ranked second on the list of most prosperous metals for investment. Moreover, the gap from the gold was just 15% (51% compared to 36%), and none of the other metals gained more than 8%. Analysts stress the gold-to-silver ratio being near 90. If it rolls back to the 2024 average of 75, silver upside potential will double that of gold (25% compared to 13%). 

The nearest target for silver market bulls is the level of 30.8. Afterward, profit should be fixed at least partially in anticipation of a local correction. 

Consider the following trading strategy:

Buy silver at the current price. Take profit – 30.8. Stop loss – 29.8.