Silver breaking through $35 promises further growth — Kitco News

The price of silver is steadily rising above $35 per ounce, a 13-year high, according to experts at Kitco News. This week, the precious metal surged by 8.7%, its best performance since early May.

Kitco analyst Jim Wyckoff noted that this breakout was long overdue and expects silver to reach the level of $40. At the same time, other experts predict the likelihood of setting a maximum of $50.36 per ounce. 

David Morrison, a senior market analyst at Trade Nation, also described the metal's rally as predictable. He and Christopher Lewis of FXEmpire point to historical precedents that inspire confidence in silver's rise to $50.

Meanwhile, TD Securities has maintained a bullish stance on silver since mid-October. The bank's experts expect that high industrial demand will continue to deplete above-ground silver stocks, which should drive prices higher. According to Kitco News, the silver market is on track to record its fourth consecutive annual supply deficit this year.