Gold isn’t the only metal exploding.
Silver prices just spiked above $28 this morning to $28.53. Even after doubling from its March 2020 low of $11.64, silver is still considered to be undervalued.
In fact, it could soon outshine gold.
“Silver is not even halfway to its all-time high,” says Ryan Giannotto, director of research at ETF issuer GraniteShares, as quoted by MarketWatch. While it’s unlikely silver would more than double in the immediate future, it’s “unwise to rule out extreme scenarios.”
All thanks in part to a tensions with China, the latest explosion in Beirut, fears of economic collapse, nearing U.S. elections, and central banks still flooding the world with liquidity to keep economies afloat. Bank of America just raised its silver price target to $30.49.
“Continued fiscal spending as governments are mending the damage from COVID-19, backstopped by central banks means that interest rates will remain low, at the same time as the economy reflates,” they said, as quoted by Benzinga.
With the silver bull market alive and well, some of the top stocks to watch include:
· iShares Silver Trust (SLV)
· Global X Silver Miners ETF (SIL)
· Hecla Mining (HL)
· Coeur Mining (CDE)
· SSR Mining Inc. (SSRM)