Silver price can rally beyond Rs 117,000. 5 factors that could support rally
Silver is poised to hit a target of Rs 1,17,000 in the next 12 months according to estimates given by Samco Securities. The steam in white metal remains intact notwithstanding a 41% uptick since December 2022 and multiple tailwinds are likely to drive the silver bulls, this brokerage opines.
Silver is trading in a greed phase which began in January 2023 and will stay there till April 2025, Apurva Sheth, Head of Market Perspectives & Research said.
Silver goes through a greed and fear cycle every 28 months. It tends to move up in the greed phase and falls or consolidates in fear phase.
The average greed phase returns for silver is 108% and fear phase returns are negative 3%, Sheth said while highlighting that the current phase’s returns are much lower than the average.
Silver has outperformed Nifty since December 2022 with the latter yielding 26% in this period.
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