On Friday, as the global cryptocurrency market cap jumped 5.4% higher against the greenback, U.S. stocks rallied toward the end of the day with the top four major stock indexes gathering gains. Precious metals also soared as the New York spot price of gold per troy ounce increased by 3.20%, and silver’s price value skyrocketed by 7.14% against the U.S. dollar. Four days ago, a blog post published on Peter Schiff’s website schiffgold.com stressed that silver typically outperforms gold and if people are bullish on gold, they “should be even more bullish on silver.”
Silver Jumps 7% Higher, Schiff Gold Report Says People Should Be ‘Even More Bullish on Silver,’ Investors Talk Silver Squeeze
Silver has been performing better than it did at the end of the summer, back when the price per troy ounce of fine silver reached $17.97 per unit on Aug. 31, 2022. At more than $20 per ounce of silver today, the precious metal has increased more than 15% against the U.S. dollar since Aug. 31.
However, silver’s spot market price per ounce is over 21% lower than it was during 2022’s silver price high at $26.37 per ounce. After the New York spot price of silver jumped 7.14% on Friday, Nov. 4, 2022, the hashtagged term “#silversqueeze” started to trend on Twitter around 6 p.m. (ET).
One Twitter account said the silver rally on Friday was crafted by “the banksters” and further insisted an ostensible silver price suppression would end soon. “Today’s gold and silver rally was brought to you by banksters,” the Twitter account said. “How did I know that? Because of the near exact pattern of gold and silver (indicates algos play). This means banksters deliberately want the price to spike. The suppression most likely ends today.”
Another user said that the silver market could get lit at any moment and stressed: “most people have no idea what is about to happen.” Peter Schiff’s website schiffgold.com says people should be bullish on silver and the blog post discusses how Doug Casey discussed silver with International Man. The blog post explains that gold bulls should be “even more bullish on silver.”
“Silver typically outperforms gold in a gold bull market,” the editorial highlights. “And the silver-gold ratio indicates that silver is significantly underpriced when compared to gold. Historically, when the spread gets this wide, silver doesn’t just outperform gold, it goes on a massive run in a short period of time.”
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