Rate cut bets increased last week following the soft US CPI, pushing precious metals higher as would be expected. Silver is not for the fainthearted but after holding around $US70/oz we can see it anchoring onto rate cut hopes and pushing higher in the coming weeks – it’s a similar picture for gold.
- We now believe silvers ~47% correction is finished and a test of $US90-95 is likely, or 20% higher.
MM is bullish silver short term around $US77/oz
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