Silver Price Plunges Below $62 - 3-Month Low as Geopolitical Tensions Roil Precious Metals

Silver prices have crashed below $62, hitting their lowest level in three months, as escalating geopolitical turmoil triggers a sharp selloff across precious metals. The metal now eyes $60 as its next potential support, while gold has also retreated to $4100, raising urgent questions about whether this correction marks a temporary dip or the start of a deeper bear phase for the sector.

Silver Price Hits a New Bottom

The precious metals have now started to slow down, with the silver price hitting a new rock bottom at press time. Silver prices have dropped below $62 in a new staggering development, eyeing $60 as its new breaking point. The price of silver is now down 50% from its all-time high, sitting at $61 at press time. This combination crash has resulted in wiping nearly $13.5T out of global markets, as rapid oil spikes triggered a rising fear of inflation, proving negative for the precious metals in totality.

MASSIVE CRASH IN METALS.

Gold has crashed -25% from its record high and dropped below $4200, hitting a 100-day low of $4,163.

Silver has crashed nearly -50% from its all-time high and hit a 3-month low of $61.

Together they have wiped out $13.5 trillion in the past 53 days,… pic.twitter.com/JBclFuGVLW

Silver prices have been dwindling at present, hinting at crossing the $60 price support. Per Rashad Hajiyev, silver is currently testing its lowest limits; however, the metals may soon regain their support, as Hajiyev believes the worst is “over.”

I think precious metals investors need to be patient for another couple of weeks. I think the worst is over for PMs and they are largely going to form a bottoming and reversal with rallies to start early April…

Hajiyev later shared how the second wave of silver decline has resulted in wiping out the majority of the silver longs. His latest forecast includes the metal forming a double bottom, which could catapult its price to $260 in the near future.

I think most of the longs have been wiped out after second wave of decline in silver. Silver could be forming a double bottom and reversal could be forming towards March end with rally potentially starting in April and lasting into late summer to my $240 – $260 target… pic.twitter.com/6EsueoVEbb

The Next 25 Hours Are Crucial For Metals

The US-Iran War is now taking a new shape, as the US has threatened Iran, warning that it will obliterate Iranian power plants if the country refuses to lift the ban on the Strait of Hormuz. Iran has also retaliated in response to this, sending a direct warning to the US, stating that it will counterattack and will harm the US IT and desalination plants.

This has triggered a global market mayhem, with investors scurrying towards the US dollar for refuge. Fears regarding the inflation are now gripping the US economy, with the investors supporting USD as their best bet, withdrawing away from safe havens like gold and silver.