Silver is starting the final full trading week of the year looking up once again with the price resuming its steady upward trajectory after the slight dip at the end of last week.
Silver is on a very strong fundamental base with the metal in strong demand from industry, coin and bar and investment sectors, while positive numbers on both inflation and easing interest rate hikes have given the precious metal more room to climb.
Assuming silver is able to stay on its current course, it looks set to end the year higher than it started – something that looked fanciful when the precious metal was enduring a multi-month slump from April through to September.
Silver’s turnaround in fortunes has been remarkable, with the price now having sufficiently strong support to shrug off any negative macroeconomic data while for much of the year investors seemed set on meting out fresh punishment to silver in reaction to every piece of news or data.
So strong is the fundamental outlook for silver that with a macroeconomic environment starting to turn more dovish, the case for a sustained rally in 2023 looks solid.
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