On Monday, silver took centre-stage rallying for a third straight session – soaring over 13% to hit $30 an ounce for the first time since 2013. That’s silver’s biggest one-day move since 2008.

Usually, silver follows gold. But now, gold is chasing silver, as the latter sees a huge wave of new interest.

Both a safe-haven and an industrial metal, silver has risen nearly 19% since Thursday – initially fuelled by comments from the Federal Reserve acknowledging that the U.S economic recovery has weakened, whilst pledging to use all monetary policy tools available in order to support the U.S economy during the on-going coronavirus pandemic.

On Friday, silver prices went parabolic as an army of retail traders turned their attention to the precious metal. As traders piled into silver, that created a massive short squeeze – catapulting prices higher.

The commodity markets, especially the precious metals are starting to attract a lot of attention. This ultimately should keep driving prices higher, especially considering that the fundamental backdrop for entire commodities complex remains extremely bullish.

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:

Gold & Silver Price Forecast: 1 – 5 February 2021

For a look at all of today’s economic events, check out our economic calendar.