from The Daily Bell:
Silver jumps 50 percent, but beware the devil’s metal … Silver prices have leapt nearly 50 percent so far this year, reversing three years of losses, but history shows investors hoping to hop aboard the bandwagon should be wary. –Reuters
Silver is back at two-year high as gold marks its first gain in five sessions, according to MarketWatch.
But you wouldn’t know about that from Reuters (see above). Silver moved up 32% from $15.94 an ounce on June 1 to $21.107 on July 4.
What other market has seen that kind of jump?
Reuters take: “[The moves] are still difficult to justify in economic terms, meaning buyers should beware of what traders call ‘the devil’s metal’.”
More from MarketWatch:
Gold extends gain in electronic trade after Fed Beige Book Shutterstock Gold edges up after four days of losses.
Silver futures returned to a nearly two-year settlement high on Wednesday, as the U.S. stock market paused their recent rally, providing a lift to gold prices, which marked their first climb in five sessions.
Reuters doesn’t believe the moves in silver (and gold) are justifiable but MarketWatch notes that “gold futures topped $1,344 after the latest Federal Reserve beige book survey released Wednesday afternoon raised questions about the broader health of the U.S. economy in the second half of the year.”
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