It has finally happened, silver has broken out past the Feb 2021 high after a long pullback and consolidation. Gold has broken out weekly gold chart to new all time highs of course as everyone who follows the sector knows by now. This happened back in April 2024 and price per ounce has been appreciating ever since, much to the delight of gold bugs everywhere!

In fact Goldman Sachs just announced their new gold price estimate:  Goldman Sachs raises gold price target to S$2,900/oz by early 2025 on sovereign buying, fund flows.

“We reiterate our long gold recommendation due to the gradual boost from lower global interest rates, structurally higher central bank demand and gold’s hedging benefits against geopolitical, financial, and recessionary risks,” the bank said in a note.

Silver on the other hand has just broken out albeit not to all time highs, but nevertheless it has broken out of a significant resistance area. Weekly silver chart.

Now the gold/silver price ratio is still at historically highs of about 82:1 whereas a healthy ratio some investors believe to be as low as 16:1! Therefore many people (experts??) are calling for much higher silver prices and have been doing so for a long time. So these are exciting times for silver buffs and we could see various events coming together for a long awaited bull market in silver and silver mining companies.

Hold on to your hats and lets see what bargains are out there. CJR has been following Mexican based silver producer Avino Silver and Gold Mines for many years. We are currently seeing a breakout above the price going way back to July 2021, with shares trading at $1.56 (cad). CJR does not currently own shares and Avino is not a client. However we may soon own shares since we see this well managed silver producer as a solid way to participate in what looks like a coming silver bull market.

Stay tuned for more info on these exciting breakouts…

Editor
CJR