Commodities: Silver
Hi James,
Last week we looked at gold in this section, today we’ve switched to its precious metals partner silver which initially surged higher through 2020 / 21 only to consolidate its significant gains over the last 9-12 months. In the text books this would be described as a bullish flag while it can hold above its mid-point around the $US21/oz area. Theoretically we could…
As we touched on earlier it was encouraging to see precious metals rally overnight even as the $US popped higher after the Bank of England restrained from raising interest rates, a major surprise to most economists – I’m thinking the BOE might want to see a clearly defined exit from COVID as the number of cases again rises in the region.
Similarly precious metals look unlikely to make any upside headway while the $US bounces although as we mentioned earlier the gold stocks look good value into current weakness.
