Silver Prices May Stay Put Amid Gold's Potential Surge

Silver prices are expected to stay in the mid-$60s range into next year, according to analysts. However, if gold reaches $5,000 by year-end, silver could top $80 over the same timeframe and then rally further next year.

The Fed's potential interest rate hike is causing market confidence to rise, leading to a renewed downturn in precious metals prices. Silver fell nearly 3 percent on Thursday partly due to this factor.

Investors are closing long positions rather than opening new short selling positions, indicating they regard this as a correction within an established trend rather than the beginning of a more fundamental bearish shift.