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Silver dominates today’s news—this week the grey metal is down 13%, but that’s what silver does, according to the analyst commentary below. Silver is seeing its worst sell-off since 2011, but don’t get too depressed about it—a short term bounce is likely, according to a separate news item we found for you. As the precious metals surge dies down, this is good news for investors, because a return to favorable prices will be coming back soon. All this and more in today’s metal news.
Let’s dig in…
Price
Strengthening U.S. Dollar Weighs Down Precious Metals
The greenback keeps advancing, which is a real drag on the gold price despite the rise in risk aversion investing, says Commerzbank. “The firm U.S. dollar is like a millstone around the neck of precious metals prices,” writes Commerzbank commodity analyst Carsten Fritsch. The reasons behind the dollar strength could be the rise of coronavirus cases and the fear of new lockdown measures in Europe, notes Fritsch. It could also be “latest remarks made about the exchange rate by various central banks, or yesterday’s comment by a regional Fed president that interest rates could be hiked even before the average inflation target of 2% is reached,” the analyst adds.
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Commentary
Opportunity Awaits Investors as Another Round of Favorable Prices Coming
The sharp drop in precious metals prices over the past week has provided us with another opportunity to scale in in anticipation of the longer-term bull market. While lower near-term prices look likely, the fundamental outlook continues to improve which should enable gold, silver, and platinum to post higher lows over the coming weeks and months.
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Commentary
The Precious Metals Rally Might Be Tarnished, but a Silver Lining is Here
This report says a short-term bounce is likely—so here’s how they recommend playing silver. Stock quotes in this article: TSLA
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Commentary
How to Ride This Precious Metals Bull Market to the Top
This article is for investors who already own a gold/silver mining stock and are considering adding more. Or perhaps a savvy investor who is comfortable with risk tolerance and has a general understanding of the gold/silver mining sector. We are currently in a gold and silver bull market. The gold bull market began in July 2019 (see chart below). We reached an ATH (all-time high) of $2079 on August 3rd, 2020 and have been consolidating for about a month now. The next move could go either way in the near term, but if the bull market remains, then we should go much higher.
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Latest News
Perpetual Assets Announces Cryptocurrency and Precious Metals IRAs
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Price
Silver Being Silver: Price Down 13% This Week, Which is What Silver Does
As a storm of selling pressure has hit gold, a hurricane has collided with silver as prices are down 13% so far this week. The precious metal is seeing its worst week since its selloff in 2011. “silver is doing what silver does, which is frustrate investors,” said Ole Hansen, head of commodity strategy at Saxo Bank. Hansen said that while there are a number of factors currently working against silver, the biggest driver has been the rally in the U.S. dollar. The U.S. dollar index has pushed to nearly a 2-month high above 94 points. “The U.S. dollar continues to see some short-covering and all commodities are suffering,” he said. Hansen said that silver could have room to fall further and he is watching initial support at $22.90 an ounce. READ MORE ([link removed])
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