Silver did break above a long-standing resistance zone near $33. The pullback this past week seemed to be testing that breakout. It should act as support.
Silver prices surge on the back of strong investment demand, record high prices and also as mine output continues to be stagnant. Manisha Gupta with more details.
Given the current size of their short position, bullion banks face nearly $200 million in losses for every dollar increase in the price of silver. This means they lost nearly $400 million on Friday alone!
London Bullion Market Association’s conference participants expect gold prices to increase by 10% over the next 12 months, with silver expected to gain over 40%
Gary Savage explains how market sentiment translates into trending moves on the chart. He says silver has reached the ballistic phase of an intermediate rally, and retail traders will start piling in.
