Silver ($US/oz)

Silver managed to bounce more than 6% in yesterday’s session but it remains over 30% below last week’s panic high. Following the 41% correction by the precious metal, a period of calm is our preferred scenario which could easily last week’s/months after the intense volatility of recent sessions.

• Similar to gold, we have no plans to buy the dip in silver-related stocks at this stage, although there aren’t many on the ASX.