Silver breaks $38 as HSBC forecasts surge to $50 by year-end

Silver prices have surged past $38 per ounce following HSBC's aggressive upward revision to their forecasts, marking a significant rally in precious metals. The bank now expects silver to average $38.05 per ounce this year, up from their previous $35.14 forecast, with a year-end target of $49. This represents a potential 29% gain from current levels. For 2025, HSBC projects an average of $44.50, a substantial increase from their earlier $33.96 estimate. The bullish outlook reflects growing industrial demand, particularly from renewable energy sectors, combined with persistent inflation concerns weakening fiat currencies. Technical indicators suggest strong momentum with the next resistance at $40, while support has consolidated around $36.50. The silver rally could pressure USD pairs as traders seek alternative stores of value, potentially benefiting commodity-linked currencies like AUD and CAD.