(Kitco News) – Though unable to carry a 3% rally late final week, the silver worth remains to be in fine condition and buyers simply must be affected person, in keeping with one market analyst.
David Smith, senior analyst on the Morgan Report, stated that though silver fell sharply from its highs Friday, the worth remains to be holding assist at $18 an oz..
“It’s quite common for makes an attempt to push up by to resistance to fail the primary time,” he stated. “The silver worth nonetheless managed to shut above $18, which is a breakout on the descending triangle chart.”
Wanting on the silver miners, Smith stated that costs nonetheless have to push larger for producers to see the identical results of gold corporations. With third-quarter earnings beginning to trickle out of the mining sector, gold producers are seeing wholesome margins and elevated money flows with gold costs up about 16% up to now this 12 months. To see the identical circumstances for silver producers, Smith stated that costs have to commerce near $20 an oz..
![]() |
Disclaimer: The views expressed on this article are these of the creator and should not replicate these of Kitco Metals Inc. The creator has made each effort to make sure accuracy of data supplied; nevertheless, neither Kitco Metals Inc. nor the creator can assure such accuracy. This text is strictly for informational functions solely. It isn’t a solicitation to make any alternate in commodities, securities or different monetary devices. Kitco Metals Inc. and the creator of this text don’t settle for culpability for losses and/ or damages arising from using this publication.