Usman Salis
Silver (XAG/USD) had a pretty solid Monday, climbing 1.15% to hit $33.37 per ounce and keeping its strong yearly run going with gains now sitting at over 15%.
XAG/USD Keeps the Momentum Going Strong
Silver had a decent day on Monday, pushing up to $33.37 per troy ounce - that's a nice 1.15% bump from Friday's close at $32.99, according to the folks at FXStreet. It's been one of those steady climbs that silver investors have been getting used to lately, and honestly, it's looking pretty good for the precious metal right now.
What's really catching people's attention is how silver just keeps finding ways to move higher. Sure, we're not talking about massive daily swings here, but that consistent upward grind is exactly what long-term holders want to see. The metal's been showing some real character in recent sessions, and Monday's move just adds to that narrative.
Silver (XAG) Is Having One Hell of a Year
Here's where things get really interesting - silver's up a whopping 15.48% since January 1st. That's the kind of performance that makes you sit up and take notice, especially when you consider all the craziness we've seen in markets this year. While other assets have been bouncing around like ping pong balls, silver's been quietly doing its thing and delivering solid returns.
This isn't just some flash-in-the-pan rally either. We're talking about sustained gains over months, which tells you there's probably some real fundamental support underneath all this price action. Whether it's industrial demand, inflation hedging, or just good old-fashioned safe haven buying, something's definitely working in silver's favor right now.
Breaking Down XAG Prices for Regular Folks
Let's talk numbers that actually matter to real people. At $33.37 per troy ounce, silver's definitely not cheap anymore, but it's still way more accessible than gold for most investors. If you're thinking smaller scale, you're looking at about $1.07 per gram, which means you can still get into the silver game without breaking the bank.
The troy ounce pricing is what the big boys use for trading, but that per-gram number is probably more relevant if you're just starting out or want to add to your stash bit by bit. It's one of those things that makes silver attractive compared to its flashier cousin gold - you can actually afford to buy meaningful amounts without needing a second mortgage.
What the Gold/Silver Ratio Is Telling Us About XAG
Now here's something that gets the trading nerds excited - the Gold/Silver ratio hit 100.34 on Monday, up from 99.71 on Friday. What this basically means is you'd need about 100 ounces of silver to buy one ounce of gold right now. That's a slight move in gold's favor, but nothing to write home about.
Some traders live and die by this ratio, using it to figure out which metal is the better buy at any given time. The fact that it's hovering around 100 suggests we're in pretty normal territory historically speaking. Sure, gold gained a bit of ground relatively speaking, but silver's still holding its own with that solid 1.15% daily gain.
The bottom line is that silver's having a pretty decent run right now. With year-to-date gains pushing past 15% and Monday's steady climb keeping the momentum alive, it's clear that investors are still finding plenty to like about this shiny metal. Whether you're in it for the industrial story, the inflation hedge, or just like having some physical assets in your portfolio, silver's been delivering the goods in 2024.
Usman Salis
