The entire investment community remains focused on silver priced in USD, which paints a less than bullish picture for silver, seemingly ‘forgetting’ that euro-denominated silver is just inches away from ATH.
RELATED – When Exactly Will Silver Reach $50 an Ounce?
Before we look at the silver price charts in Euro, let’s review some recent headlines (which, as expected, are confusing and misleading).
Silver in the news
First of all, there is the fact that Goldman Sachs is now becoming ‘less bullish’ on gold. While they were still firmly bullish in their gold forecast for 2025, published in September/October, it now appears that this is less the case.
Their rationale seems to be based on the number of rate cuts:
Goldman pushes back gold forecast of $3,000 due to some interest rate cuts in the US
While this is certainly an important price influencer, we thought we understood that real interest rates were the ultimate price driver. So we certainly partially disagree with Goldman’s statement, regardless of a similar focus by other sources:
Gold steady as traders keep an eye on US data that could determine price path
Even more interesting is this interview on CNBC:
Silver prices may “gain some momentum” as industrial production starts to pick up, UBS says
Has the world forgotten the fourth consecutive year of a silver market shortage, as explained in our article:
Another annual silver market shortage: implications for future silver prices
As always, the headlines about gold and silver are confusing at best; it is probably fair to say that they are misleading.
Silver in Euros is about to hit ATH
Financial media continues to focus on the USD silver price, which is still 40% below the ATH.
This seems to confirm the misleading focus.
The reality is that silver in AUD has reached multiple ATHs by 2024.
Likewise, silver priced in Euros is close to reaching ATH.
RELATED – Silver Prediction 2025
The weekly 15-year chart, shown below, makes the point very clear: Silver priced in Euros (XAGEUR) is inches away from testing its 2011 highs.
Silver in euros – rising trend line is perfectly respected
If we zoom in on the XAGEUR chart, we see a perfect upward trend that started on March 1, 2024.
So far, this rising trend of silver in euros has been perfectly respected.
On the daily XAGEUR chart below, we also see the confluence of the medium-term rising trendline (green) and the very long-term resistance area (gray area). The green rising trend line will cross the gray bar in March/April; in fact, the trend line entered that ‘grey’ shaded area on January 1, 2025.
What this really means is that the period February through April 2025 will be a period of high intensity for silver priced in euros. Expect fireworks over the next 4 months!
Conclusion
While Europeans haven’t enjoyed great market conditions lately, especially if you ignore most European stock markets, the exact opposite is true for European silver investors.
The fact is that the decline of the euro (USD strength) has rewarded holders of precious metals in Europe.
This compensates for the weakness of European equities.
Although silver priced in Euros (XAGEUR) did not reach the ATH like silver in AUD, it is very close to testing the ‘ATH area’. We consider €28 to €31 to coincide with the ATH area.
At the time of writing,