Benzinga - by Zaheer Anwari, Benzinga Contributor.
- Silver initially outperformed gold but has experienced a recent decline, falling back below $30.
- Silver has shown significant growth this year, with a 24% increase since January.
The recent dip back into the previous consolidation zone has investors waiting for silver to bounce back swiftly above $30, hoping the uptrend continues.
Despite the pullback, silver has surged by 24% since the start of the year, outperforming gold's 13% rise. Gold, on the other hand, is holding steady within its consolidation zone, supported at $2277 and facing resistance at $2450.
Gold's stability, thanks to its 50-day moving average support, contrasts silver's more volatile nature, making it appealing to investors seeking a calmer ride in precious metals.
While gold recently hit new record highs, it's key to note that silver reached its peak 13 years ago, in April 2011, nearly hitting $50.
This historical high for silver shows its potential for big gains but also highlights the market's volatility and significant fluctuations.
The differences between silver and gold create a complex situation for investors. Silver's recent drop and potential quick rebound may interest those looking for fast profits, while gold's stability and recent record-breaking performance might attract those seeking a safer long-term investment during uncertain times.
After the closing bell on Tuesday, June 4, the commodity closed at $29.48, trading down by 4.21%.
This article is from an unpaid external contributor. It does not represent Benzinga's reporting and has not been edited for content or accuracy.
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