Silver continues to see firm resistance at $34 an ounce; however, one analyst said that the precious metal’s time will come, and it could be later this year.
After hitting another brick wall last week, the silver price remains on the back foot, with prices now testing support at $33 an ounce. The precious metal is struggling as President Donald Trump continues to add to the uncertainty surrounding his proposed global tariffs. According to some reports, Trump is expected to issue more targeted and less sweeping tariffs, which would mitigate the threat of an all-out global trade war.
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In an interview with Kitco News, Ole Hansen, Head of Commodity Strategy at Saxo Bank, noted that silver prices have been rallying in part due to growing demand in the U.S., as bullion banks flooded New York vaults amid fears that silver could be hit with U.S. tariffs.
Hansen pointed out that these tariff threats are benefiting gold, copper, silver, and platinum group metals. However, he added that this is very much a risky, binary trade: either the tariffs happen or they don’t.
“This coin flip makes it very difficult to navigate these markets in the short term,” he said. “I expect we will continue to see some price volatility.” […]
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