iShares Silver Trust (SLV)

[JohnCM]

Philip Streible, senior analyst at RJO Futures, said in a recent interview with Kitco News that he thinks the selling pressure in silver is overdone and sees value at these lower levels.

Paul Robinson, market analyst at DailyFx.com, said that gold’s drop below key support could end up dragging silver down to its July lows at $15.19 an ounce.

“A move into the mid-15s or worse could soon develop on a clean break of 16, and with gold looking to have started a new leg lower this becomes an increasingly likely outcome,” he said in a recent report. “There may be a bounce or two along the way, but barring an extremely sharp turnaround, those should be short-lived.”

The selloff in silver comes as two major banks have turned bullish on the grey metal. TD Securities and Bank of Montreal, both recently said that they see silver hitting $20 an ounce in 2018.

By Neils Christensen
For Kitco News