(Kitco News) - The silver market continues to attract renewed investor attention as the precious metal appears to be holding new support above $34 an ounce.
In a massive 5.3% move on Monday, silver saw its biggest gains in eight months as prices rallied to $34.789 an ounce. Although the precious metal has seen some expected profit-taking following the rally, it has managed to hold critical initial support at $34 an ounce.
Spot silver last traded at $34.30 an ounce, down more than 1% on the day. Despite the volatility, silver’s breakout is attracting the attention of major investors, including famed precious metals bull Robert Kiyosaki, author of Rich Dad Poor Dad.
In a social media post on Monday, Kiyosaki said he expects to see solid gains in gold, silver, and Bitcoin through the summer as the stock, bond, and real estate markets crash.
Specifically, he said silver has the most potential, as it remains significantly undervalued.
“The biggest bargain today is silver. In 2025, silver may 3X. The better news is silver is still 60% below all-time highs… still about $35… while gold and Bitcoin are at or near all-time highs,” he wrote. “Tomorrow I am going to my local gold and silver dealer and trading fake money for real silver… no ETFs… the biggest bargain today. Silver is priced around $35 an ounce, which means almost everyone, anywhere in the world, has a chance to grow richer…”
Do not say I didn’t warn anyone.
As predicted in my book Rich Dad’s Prophecy (2013) the biggest crash in history is coming.
I am afraid that crash time is now and through this summer.
Unfortunately, millions, especially my generation of boomers will be wiped out when the…— Robert Kiyosaki (@theRealKiyosaki) June 2, 2025
Silver is finally playing catch-up to gold after lagging behind in the precious metals space. In April, as gold prices rallied to a record high of $3,500 an ounce, the gold/silver ratio hit a five-year high of 107. However, since those highs, the ratio has been in a steady downtrend.
Silver’s rally on Monday pushed the ratio to 97.5. The historical average is around 60. Many analysts have noted that, in this environment, silver has plenty of upside relative to gold.
Robust industrial demand remains the biggest driver of silver's expected fifth consecutive annual deficit. According to the Silver Institute’s annual silver survey, the metal is expected to see a deficit of 117 million ounces this year.
Although optimism in silver continues to grow, some analysts warn that its industrial demand is a double-edged sword, as a potential recession could weaken this critical segment of the market.
However, other analysts argue that silver could be immune to slowing economic growth, as global demand for green energy remains a key driver of demand for the precious metal. Silver is a major component in photovoltaic solar panels.
