Silver prices jumped above $38

Silver is once again attracting close attention of investors. At the beginning of last week, prices for the metal tried to break above the $37 per ounce mark. However, the rally was held back by strong selling pressure, although prices managed to stay above the $36 level. Nevertheless, since Thursday, silver has steadily moved upward, rising above $38 by Friday.

As noted by Philip Streible, chief market strategist at Blue Line Futures, this was an “incredible technical breakout” for the precious metal. In his estimation, silver is benefiting from rising gold and copper prices. The gray metal is seen as both an important monetary asset and an industrial commodity.

Copper also rallied last week, making the biggest one-day gain in history and jumping about 13% after Donald Trump's announcements on tariffs on copper imports. As Streible believes, some of copper's momentum will be passed on to silver.

But it's not just copper prices that are driving silver's rally. Streible also noted the general tendency of precious metals to break records, and silver was the latest on that list.