After a painful month for silver that saw its price plunge from near $26 an ounce to below $21 an ounce, the metal is finally showing signs of having found its bottom with the price now climbing tentatively back above $21.
There hasn’t been a substantive change to the trading environment with Federal Reserve Chair Jerome Powell reiterating that the US central bank will continue to raise interest rates in June and July.
Live Silver Price – $/oz
This hawkish environment has seen silver punished consistently but it has now found a level where investors have the confidence to support the asset once again.
While the fundamental case remains strong for silver, the likelihood of interest rate rises over the coming months on both sides of the Atlantic hasn’t allowed that case to be heard. For now, silver holders can breathe a sigh of relief that the losses may finally have paused but the road to recovery back to $25 still has lots of bumps ahead.
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