This week, the price of an ounce of silver has significantly risen. Over the past five days, silver has increased by more than 11% against the U.S. dollar, outpacing gold's 2.3% gain. Silver reached $31 per troy ounce for the first time since February 2013.

Silver Surges to $31 per Ounce, Outperforms Gold

Precious metals enthusiasts have enjoyed a positive week with rising gold and silver prices. On Saturday, May 18, a troy ounce of gold traded at $2,414.71, while silver reached $31.49 per ounce. Although gold's 2.3% increase was well-received, silver's 11.8% rise drew even more attention.

"Silver is up over 30% so far in 2024, trading at its highest price since February 2013," noted precious metals enthusiast Peter Schiff on Friday. "Silver serves both as a precious and an industrial metal. It's a better indicator than gold that inflation is rising. The Fed is mistaken and investors are delusional. Prepare for a crisis," he added.

Silver Squeeze: Precious Metal Jumps 11.8% in 5 Days, Reaches Highest Price Since 2013

Numerous analysts and market observers had predicted this moment. "I've been saying that silver would soon break above the $30 level. Now it has," a commodities analyst wrote on X. "Understand that your future depends on taking full advantage of this precious metals bull market. Remember, only price matters."

As of May 2024, there are signs of a potential silver squeeze brewing, with social media buzzing about the topic. With multi-year price peaks, silver is expected to face its fourth consecutive annual supply deficit in 2024, driven by unprecedented demand for solar panels. Additionally, tightening supply conditions have reduced the gold-silver ratio, indicating increased investor interest in silver as an alternative to gold.

"I've been waiting 13 years for this moment. #silver #silversqueeze," one user posted on X. Notably, a spike in silver prices and the hashtag #silversqueeze gained traction during the meme stock and Wall Street Bets phase of 2021. The recent rise in meme stocks and the return of 'Roaring Kitty' seem to have reignited silver squeeze ambitions, with social media users noticing this trend.

While some, like Schiff, see the silver price spike as a sign of an impending crisis, others view it as a long-awaited opportunity in a strong precious metals bull market. As market dynamics shift, the latest silver developments have captivated market observers, evoking memories of the 2021 meme stock frenzy and adding intrigue to the ongoing narrative.

What are your thoughts on the alleged silver squeeze? Share your opinions on this topic in the comments section below.