Silver Hits All-Time High, Leaves Gold Behind — What’s the Outlook Ahead?

Jakarta, Pintu News – Silver surprised the markets over the weekend by surpassing its previous record and hitting an all-time high of $57.86. While Gold is experiencing a recovery, it is Silver that is taking center stage, and traders are starting to question the same:

Why is the price of Silver rising, and why is it outperforming Gold? Here’s what the charts and macroeconomic data show.

Why is the price of silver rising?

The sharp surge in Silver prices is closely related to the rise in Japanese bond yields.
Currently, Japanese bond yields have surged above 2%, the highest level since the 2008 financial crisis.

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According to Nick’s analysts, this triggered a sell-off in risky assets and prompted a surge in safe haven assets.

“The rise in Japan’s base rate and the strengthening of the Yen led to liquidation of carry trade schemes (borrowing in Yen to buy risky assets). That is why there was a sell-off in assets such as Bitcoin and stock futures, and a rally in safe haven assets such as Gold,” he explained.

This massive reversal of the Yen carry trade could have a huge impact on the bond market, especially if it coincides with the end of the quantitative tightening policy.

Japan is one of the largest buyers of US government debt, so their withdrawal from the market could have a significant adverse impact.

However, this doesn’t fully explain why Gold isn’t moving as strongly as Silver. Most likely, since Gold has led the rally before, it’s now time for Silver to enter its own breakout phase – and the move is much more explosive.

Silver price hits an all-time record high?

Silver prices broke out of the 25-year horizontal resistance area last month. This was one of the biggest breakouts on any chart, and will most likely trigger a long-term uptrend.

Although the price has jumped sharply, this is only the second consecutive three-month bullish candlestick. This means that the price increase is likely to continue, at least until the $73 level.

The level is the focus of attention because it is at the external 1.61 Fibonacci retracement level – which often becomes a temporary top when the price reaches it. However, the price of Silver is expected to continue rising in the long term, as the breakout of the 50-year-long pattern shows potential to continue in the future.

GoldPrice Lagging?

Although Gold’s performance lagged behind that of Silver, Gold’s performance in November is still noteworthy. Gold recorded a 6.0% gain in November, becoming the 10th month out of the last 11 months to post positive returns.

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Currently, the Gold price is only about 3% below its record high. However, the pattern of its movement raises concerns.

The chart shows that the Gold rally is forming an A-B-C correction pattern within an ascending parallel channel. The resistance trend line of the channel is around $4,300, which is likely to be the end point of this rally.

Unless Gold is able to break through that resistance convincingly, the next price movement is likely to be downside. Meanwhile, Silver has managed to break its long-term resistance – giving it ample room to continue rising.

Silver Price Rise to Continue

The strong breakout witnessed in Silver prices has placed it as the market leader, outperforming even Gold. Japanese bond volatility, reversal of carry trade strategies, and rising global risk aversion have driven capital flows towards the precious metal.

For now, the chart shows one thing is clear: the price of Silver will continue to rise after experiencing a major breakout that only happens once in a generation.

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*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Crypto trading activities have high risk and volatility, always do your own research and use cold cash before investing. All activities of buying and selling bitcoin and other crypto asset investments are the responsibility of the reader.

Reference:

• CCN. Silver Price Hits All-Time High Leaving Gold Behind – What’s Next? Accessed on December 2, 2025