Precious metals are rising to highs not seen since May. Silver seems to be settling into the $25.00/toz range. Could it rise to over $26.00/toz?
According to Coin News:
Precious metals climbed in tandem on Tuesday, reaching settlement highs that ranged from earlier May for silver to the third week of June for palladium.
Gaining for the fifth time in six sessions, gold for August delivery tacked on $24.40, or 1.3%, to settle at $1,980.80 an ounce on the Comex division of the New York Mercantile Exchange. The settlement marks gold’s highest since June 6.
"The charts have recently turned more bullish for both precious metals [gold and silver], which is inviting the technically based speculators to the long side of those markets. A weaker-than-expected U.S. retail sales report this morning is also supporting ideas the Federal Reserve can take its foot of the gas sooner, regarding its interest-rate-increase cycle," Jim Wyckoff, a senior analyst at Kitco Inc, said in a daily research note.On the day, gold futures traded between $1,958.10 and $1,988.30, after falling by 0.4% on Monday.
Advancing for fourth time in five sessions, silver for September rose by 23.8 cents, or 1%, to finish at $25.256 an ounce — the best settlement since May 10. Silver futures ranged from $24.97 and $25.41, after shedding 0.7% on Monday.
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