Silver keeps sliding as haven demand declines, supplies are plentiful
Seeking Alpha
Published Jan 18, 2019 05:15PM ET
Silver keeps sliding as haven demand declines, supplies are plentiful
- Silver remains the outcast among precious metals after posting its biggest weekly loss since November, while gold, platinum and palladium have edge higher to start the new year; March silver settled -0.9% to $15.39/oz., down 1.6% for the week.
- Analysts say silver is getting hit from at least two sides: Optimism over U.S.-China trade talks is lifting equities and curbing demand for shelters from market turmoil, while caution over the broader economic outlook dims industrial demand prospects at a time when silver is plentiful.
- “There’s absolutely no shortage of silver around,” Tai Wong, head of base and precious metals derivatives trading at BMO Capital Markets, tells Bloomberg. “People bought silver on the back of gold rather than on solid fundamentals. As soon as gold retreats, the desire to hold silver fades quickly.”
- ETFs: SLV, AGQ, PSLV, SIL, USLV, SIVR, ZSL, SLVO, SILJ, SLVP, DSLV, DBS, USV, SHNY
- Now read: Silver Needs To Hold And Move Above
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