Silver’s sustained recovery since September’s nadir remains on track with the price now around $23 an ounce.
A weakening of the US dollar has given the chance for silver’s strong fundamental case to come to the fore and after a sustained period where every economic data point was leapt on as a fresh reason to push silver’s price down, the metal is now enjoying the reverse where data is being viewed through a much more optimistic lens.
The metal is in strong demand across silver’s different sectors, including investment, industry and coin and bar, and with this theme set to continue into 2023, there is no reason to suggest the price can’t continue rising for a while yet. Silver does after all remain well below its high for the year back in March and the demand case has only strengthened since then.
The steady rise of silver’s price is also supportive for its long-term trend as it has enabled firm supports to be built up at different levels before climbing again. That suggests that even if the Federal Reserve does implement another significant interest rate hike next week, silver has sufficient support to keep its recovery on track.
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