Will Silver Prices Hit New Highs In 2021?

Silver prices soared more than 6% on Thursday as GameStop traders moved into the precious metals. Silver prices were also boosted by comments from the Federal Reserve acknowledging that the U.S economic recovery has weakened over the last two months, whilst pledging to use all monetary policy tools available in order to support the US economy during the coronavirus pandemic.

Another bullish catalyst for silver prices was fourth quarter U.S GDP data, which missed expectations. Overall, full-year GDP declined 3.5%, the worst year for the U.S since the end of World War II.

Silver was the best performing precious metal in 2020, up over 49%. Palladium and Platinum were also strong performers, up 31% and 17%, respectively.

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

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