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Wednesday, 08/23/2023 1:00:52 PM

Wednesday, August 23, 2023 1:00:52 PM

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A perfect storm is brewing in the silver market as the expected easing from the Chinese government to support its faltering economy is squeezing shorts in the marketplace and driving prices significantly higher.

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. #silver $SIVR $SIL $SLV $PSLV $SILJ $NAK $AGQ

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