{"id":127717,"date":"2024-07-22T09:53:57","date_gmt":"2024-07-22T09:53:57","guid":{"rendered":"https:\/\/kinesis.money\/?p=127717"},"modified":"2024-07-22T09:53:57","modified_gmt":"2024-07-22T09:53:57","slug":"silver-falls-below-29-00-an-ounce","status":"publish","type":"post","link":"https:\/\/kinesis.money\/es\/market-analysis\/silver-news\/silver-falls-below-29-00-an-ounce\/","title":{"rendered":"Silver Price News: Silver Falls Below $29.00 An Ounce"},"content":{"rendered":"\n

Silver prices fell for a third consecutive day on Friday, rounding off the week in a decidedly bearish direction.<\/p>\n\n\n\n

Prices fell as low as $28.90 an ounce<\/a> by Friday afternoon, nearly a three-week low. Both gold and silver prices came under downward pressure from a strengthening of the US dollar on Thursday and Friday.<\/p>\n\n\n\n

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KAG\/USD 1-hourly Kinesis Exchange<\/figcaption><\/figure>\n\n\n\n

Silver\u2019s three-day price drop has focussed attention on the $29.00 an ounce level, which proved an important support area in June after prices had fallen from over $32.00 in late May.<\/p>\n\n\n\n

China\u2019s closely-watched Third Plenum meeting this week seemed to disappoint those who had been hoping for new stimulus measures that could drive industrial demand in Asia\u2019s giant economy. The meeting ended with China resolving to further deepen reform to comprehensively advance the country\u2019s modernisation, although it was unclear whether this would translate into specific new policy measures.<\/p>\n\n\n\n

Concerns over China\u2019s property market have contributed to gold\u2019s appeal as a safe haven investment, but silver is more dependent on strong industrial demand, particularly as the metal finds uses in multiple high-tech manufacturing applications and the global transition to clean energy, industry and transportation.<\/p>\n\n\n\n

Despite silver\u2019s weakness last week, the long-term outlook remains supportive, not just due to several years of structural supply deficit, but also due to the energy transition theme which is set to drive consumption of the metal in advanced computer and AI systems, electric vehicles, solar panels, batteries and electrical circuits, among others.<\/p>\n\n\n\n

The start of this week is looking quiet on the macroeconomic data front, and the markets will be watching out for manufacturing data later in the week from a raft of countries, starting with Australia late Tuesday, followed by Japan, India, France, Germany, the UK and US on Wednesday.<\/p>\n\n\n\t\t\t

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Frank\u2019s experience covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets.\u00a0<\/em>He has worked as a senior editor for S&P Global Commodity Insights\u00a0(formerly Platts) and before this, at ICIS-LOR, a part of Reed Business Information (Reed Elsevier), where he covered the petrochemicals markets from 2003 to 2005.<\/em><\/p>\n

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/i>
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Read our Editorial Guidelines\u00a0<\/i>here.<\/a><\/i><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t","protected":false},"excerpt":{"rendered":"

Silver prices fell for a third consecutive day on Friday, rounding off the week in a decidedly bearish direction.<\/p>\n","protected":false},"author":50,"featured_media":127749,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[91,214],"tags":[],"class_list":["post-127717","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","category-silver-news"],"acf":[],"yoast_head":"\nSilver Falls Below $29.00 An Ounce | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' silver news analysis for today, Monday 22nd of July 2024, from leading precious metals analyst Frank Watson.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta 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