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Wednesday, August 23, 2023 1:00:52 PM
September Silver last traded at $24.355 an ounce, up nearly 4% on the day. The precious metal is seeing its best day since mid-July as it regains critical technical levels.
Ole Hansen, head of commodity trading at Saxo Bank, said silver’s current short squeeze started building last week when the People’s Bank of China (PBoC) intervened in currency markets to support the yuan after it hit a 16-year low against the U.S. dollar.
“The stronger yuan forced a focus change in copper, and with that also silver,” Hansen said.
Analysts said that the central bank’s easing measure at the start of the week could provide further industrial support to the precious metal. https://www.kitco.com/news/2023-08-23/Silver-prices-squeezed-4-higher-after-Chinese-currency-intervention.html #silver $SIVR $SIL $SLV $PSLV $SILJ $NAK $AGQ
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Nothing I say, post, or do should ever be considered financial advice. I may be holding a long, short or no position. I am NOT or NEVER have I been compensated to post on here or anywhere and all my posts are for entertainment purposes only.
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