Address

Precise Investors

Sunday, July 25, 2021
Alternative Investments

Silver futures, ETFs gain on bargain buying, stimulus hopes

ETF

March Comex silver jumped $0.536 to trade $27.555 an ounce, helping to boost the iShares Silver Trust 2.04%

Silver futures and ETFs are gaining on Monday, as investors swoop in to buy at perceived bargains following significant losses last week.

According to experts, there has also been some chart-based buying on technical analysis levels.

March silver futures bulls still have the overall near-term technical advantage and are working to restart a price uptrend on the daily chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the February high of $30.25 an ounce. The next downside price objective for the bears is closing prices below solid support at $25.00. First resistance is seen at today’s high of $27.695 and then at $28.00. Next support is seen at $27.00 and then at $26.50, wrote Kitco analyst Jim Wyckoff.

March Comex silver climbed $0.536 to trade $27.555 an ounce, a nearly 2% gain, helping to boost the iShares Silver Trust (SLV) 2.04%.

Other markets are also helping to generate interest in silver, as investors are moving into stocks, Bitcoin, and many other commodities thanks to heightened risk-on attitudes.

Slowing coronavirus infections, continued rollout of vaccines and anticipation of President Biden’s $1.9 trillion rescue package are keeping the bull market well and truly alive, said one broker in a morning email dispatch.

Investors are invigorated by news that Treasury Secretary Janet Yellen asked Congress to pass President Biden’s stimulus plan this weekend, suggesting that the results of the bill could include the U.S. gaining full employment by next year.

There’s absolutely no reason why we should suffer through a long slow recovery, Yellen said during an interview on CNN’s “State of the Union.” I would expect that if this package is passed that we would get back to full employment next year.

Other financial analysts supported higher moves in silver.

Important:

The articles are for information purposes only and Precise Investors shall not be held responsible for any errors, omissions or inaccuracies within it. Any rules or regulations mentioned within the website are those relevant at the time of publication and may not be the most up-to-date.

Precise Investors does not endorse any of the products or services that appear on it or are linked to it and are not liable for any action that you may take as a result of the content of this website, or losses or damage you may incur doing so.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Please remember that investments of any type may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

Leave a Reply

fifteen − 11 =