Silver’s price target has been predicted to reach $248, according to new reports. Market insiders believe that a big reversal is imminent, and it could lead to an upward trajectory for silver prices. Such an increase would be unprecedented, with the last time silver hit prices like this being 31 years ago.
Although silver’s yearly time frame denotes $31-32 as the big breakout level, experts predict that the $248 price target is a possibility, given the right circumstances.
Meanwhile, in the United States, high home prices have been making it increasingly difficult for middle-class Americans to afford homes. The median American household needs to spend over 40% of their income to afford the median-priced home currently up for sale. This is up from 28% three years ago, and experts say it’s not a healthy situation.
However, it seems that demand for new homes is still thriving, but with low housing inventory, bidding wars appear to be commonplace for existing homes. This news comes as Treasury yields hit new highs of 4.76%. Michelle Bowman, a Fed governor, is one of the dots that wants to hike again and expects the federal funds rate to increase further in the future.
Furthermore, with the merger of two big players in the gold and silver space, Rio Tinto is keeping a close eye on the junior gold and silver markets, as it could present a huge opportunity.
