Commodities: Silver
Both silver and gold have enjoyed a strong start to 2023 as the $US tumbled after years of appreciation, our view is we’re witnessing just the beginning of a significant advance by precious metals with the risk/reward attractive into any dips back towards $US22 for silver.
Precious metals were strong on Friday night with volatile member silver rallying over +7% in a session that looks poised to change the downtrend of 2022, it’s not out of the woods yet but it’s close!
The commodity that has caught our attention the most over the last couple of weeks is precious metal silver although gold hasn’t yet managed to regain its mojo in quite the same manner. In our opinion, as bond yields approach a top and the $US a similar inflection point the backdrop will grow for a strong recovery by the likes of gold & silver with the latter already starting to shine.
Silver and gold both fell over 1% on Friday as a rising $US weighed on the precious metals, in a similar fashion to how we can see a final rally in the $US & bond yields silver looks set to retest the $US18 area.
