Daily Gold Market Report

The Undervalued Potential of Silver:
Market Experts Foresee a Breakthrough Beyond $30

(USAGOLD – 3/14/2024) Gold prices dropped to their lowest levels of the session following weaker-than-expected retail sales data for February and a significant downward revision of January’s figures. Concurrently, the Producer Price Index (PPI), a measure of inflation, increased by 0.6% in February, surpassing expectations and marking a more substantial rise than the 0.3% increase seen in January. This data suggests that inflationary pressures remain persistent, particularly in the wholesale sector, where energy prices notably surged. Gold is trading at $2163.77, down $10.64. Silver is trading at $25.03, up 3 cents. Interest is growing in the silver market as analysts predict it could be the next to rally, following gold’s surge to record highs. Despite its higher volatility, silver traditionally outperforms gold in both bear and bull markets, but has seen hesitancy from investors during rallies. Currently, silver futures are trading at $25.25 an ounce, with the gold/silver ratio remaining above its historical average, suggesting silver is undervalued compared to gold. Experts like Carley Garner and Dennis Gartman discuss silver’s potential for growth, despite its current underperformance, attributing it to factors such as market dynamics and central bank demand for gold. The global economy’s health and an expected economic rebound in China are seen as key drivers for silver’s bull market, with predictions of prices breaking through $30 and potentially reaching $50 an ounce.