A perfect storm of surging demand from retail investors and rapid consumption from manufacturers ramping up solar panel production ahead of expiring tax rebates resulted in the largest single month of silver imports in China’s history, according to a report from The Kobeissi Letter.
The recent decline in long positions for gold and silver means both metals have some potential upside, but the ongoing Iran conflict and tensions surrounding the succession at the head of the Fed will keep the big money out of precious metals over the coming weeks, according to Rhona O'Connell, Head of Market Analysis at StoneX.
Silver prices appear to be finding a comfortable range between $78 and $80 an ounce; however, one bank sees the potential risk of significantly lower prices.
British silver and gold miner Hochschild Mining has made a solid start to its financial year, with a strong operational performance recorded by its flagship Inmaculada mine, in Peru.
Gold and silver prices are higher near midday Wednesday but off their daily highs. Buying interest in the precious metals is supported by firmer crude oil prices. U.S. Treasury yields have also down-ticked a bit at mid-week. Perceived bargain hunting after Tuesday’s losses is also featured in both precious metals markets. June gold was last up $35.10 at $4,753.30. May silver prices were up $1.507 at $77.97.
Gold and silver prices are sharply lower in midday U.S. trading Tuesday. The precious metals are being pressured by a rally in the U.S. dollar index and a rise in U.S. Treasury yields today. June gold was last down $85.90 at $4,744.30. May silver prices were down $3.473 at $76.54.
Gold and silver prices are lower in midday U.S. trading Monday but up from daily lows. The prospects have dimmed regarding an end to the U.S.-Iran war soon. Once again, gold traders on this day are focused more on the bearish aspects of the war denting consumer and commercial demand for metals, amid likely resulting slowing economies and tighter monetary policies--and less on the bullish uptick in risk aversion in the general marketplace that has in the past supported safe-haven buying of gold and silver. June gold was last down $62.00 at $4,817.60. May silver prices were down $2.007 at $79.835.
Gold and silver experienced a surge to the upside after President Trump proclaimed that the Strait of Hormuz will remain open for the remainder of the ceasefire period a 10-day window that already has extension proposals on the table. The announcement had a dramatic effect across asset classes: crude oil plummeted by more than 10%, and U.S. equities surged to new all-time highs as inflation risk premiums compressed sharply.
Gold and silver prices are posting modest gains in early U.S. trading Friday. Recent price action in gold and silver has seen daily volatility die down as traders and investors are now pricing in the Middle East war winding down. Mild technically related buying from the shorter-term futures traders is featured again today. June gold was last up $5.90 at $4,814.40. May silver prices were up $0.635 at $79.38.
Although the silver market is expected to see its sixth consecutive annual supply deficit, that might not be enough to drive prices back to their January highs, according to one market strategist.
