(Kitco News) – Treasured metals have plunged within the markets, however there’s nonetheless demand for bodily cash within the midst of the coronavirus outbreak, this based on Phil Streible, chief market strategist of Blue Line Futures.
“I can let you know one factor, I referred to as across the final couple of days making an attempt to purchase bodily metals, particularly bodily silver, and silver was a $1.50 to $2.00 over spot, so there’s an underlying demand that’s on the market proper now, simply extra on the bodily facet,” Streible advised Kitco Information.
His feedback come as spot silver retreated $1.70 an oz. on Monday.
Streible famous that whereas bonds have completed effectively, there might not be a lot upside left given the run-up we now have already seen.
“It looks as if the one place that anybody discovered any secure haven in was the bond market, however with yields dipping again down beneath 0.64%, I suppose that there’s not a lot room there on the upside,” he stated.
On metals, Streible stated that it’s higher now to be positioned within the bodily house, relatively than the miners or leveraged merchandise.
Gold ought to be bouncing again from this selloff later within the 12 months, he stated.
“The important thing stage it’s a must to take a look at in gold is $1,508. That’s the 200-day transferring common, if we don’t shut beneath there, I believe we’d nonetheless be in a fairly wholesome market,” he stated.
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