The silver price reached a 13-year high on the COMEX, with an impressive increase of 5.22% to $39.075 per ounce in the past week. This price increase reflects current developments in the commodity market and is significantly influenced by political tailwinds. At the center of this development is the new US tariff policy under President Trump, which imposes high tariffs on Canadian imports (35%) as well as widespread tariffs of 15–20% on many other trading partners. This policy has caused global distrust in economic policy stability, prompting investors to increasingly invest in safe physical assets such as silver and gold.
Optimism Among Institutional Investors
Institutional investors remain optimistic: The so-called large traders are net long on over 58,000 contracts. This is perceived as a sign of confidence in the upward trend. Additionally, seasonal developments support the price increase until the end of July; historically, while interruptions are often observed in August, the long-term outlook remains positive.
Technical Analysis and Future Price Trends
Further sources see the silver price having grown beyond long-standing resistance levels of around $35. The anticipated potential sees the rise reaching a range of $40 to $50 per ounce. The gold/silver ratio, which is decreasing, additionally signals a relative strength of silver against gold.
In summary: The silver price increase of more than five percent on the COMEX is more than just a technical move. It reflects a politically driven environment with increased demand for safe commodities due to global trade conflicts and economic uncertainties.