Despite the big selloff Friday, the spot price of silver had its first weekly close above $28 since 2013. It's possible the shorts and price manipulators are out of runway.
India in February purchased a whack of silver bullion, with silver imports surging 260%. The country bought 2,295 tonnes compared to just 637t in January — a new monthly record.
With a close over $28 this past week, silver has now successfully broken out: first over $26, then over $27.50, the early 2022 high. Remaining is a breakout over the February 2021 high of $30.35.
Just starting this week, the Chinese government is telling its people to buy Silver instead of Gold. Silver and gold stacking is the cornerstone of their crafted and clever strategy of economic warfare.
Some analysts project India could import upward of 6,000 tons of silver this year. Strong demand for silver in solar panel production is one of the factors reportedly driving overall Indian silver demand higher.
Despite gold and silver's significant present and historical value to Idaho, along with its mining industries, Governor Little's veto prevents the state from purchasing or holding gold and silver.
“Launching our 2024 drilling program at Santa Ana, we aim to fully unlock the potential of this distinctive high-grade, primary silver project," comments Ian Harris, President and CEO.
Silver is certainly gathering some upside momentum, but the timing of when it might accelerate toward new highs may depend on how the Fed’s shifting stance toward inflation plays out.
