Posted 19th June 2023

Silver Price News: Silver Regains $24 as Hawkish Banks Make Climb Higher Harder

market analysis silver news carlo alberto da casa

Silver is back above $24 an ounce but still lacking a clear direction as investors contrast the metal’s strong fundamental case against the prospect of further interest rate hikes from central banks on both sides of the Atlantic.

silver price news chart june 19th 2023

Last week’s pause by the Federal Reserve hasn’t been greeted by a switch to full risk on mode by traders with plenty of caution still abounding amid fears that many economies remain close to recession.

For silver, the Fed’s series of interest rate hikes proved to be the single biggest drag on the metal’s price in the last year, so the prospect of more hikes still to come has dented silver’s attempts to climb higher.

Yet the metal remains in a supply deficit and looks set to be in strong demand from the solar sector for many years to come. Therefore when these interest rate clouds do finally lift, silver’s long term prospects still look very bullish and suggest a price far higher than its current $24 an ounce level.

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