Commodities: Silver
Similarly precious metals look unlikely to make any upside headway while the $US bounces although as we mentioned earlier the gold stocks look good value into current weakness.
Precious metals have rallied steadily from their early April low with silver edging up towards its 2021 high. The short-term direction of the complex is likely to be determined by the $US but we remain bullish medium-term believing a break to fresh highs is a matter of time.
Australian traded ETPMAG has been on a fairly wild ride since we went long in August last year, with a panic buying opportunity to take profit missed in February – the Reddit army almost helped us.
Precious metals rallied strongly overnight with gold up +1.6% and silver +2.8%, a great performance considering the $US only dipped -0.1% remaining above the psychological 90 level.
