Looking ahead, the ongoing negative interest rate environment, with European and Japanese central banks cutting benchmark rates deeper into the red to promote growth, could push investors toward precious metals as a more stable store of wealth.

Related: Gold Demand is Robust

Moreover, unlike gold, palladium, platinum and silver see much higher industrial demand. The precious metal enjoys heavy industrial demand that benefits from an expanding global economy.

“While the corrections in all three precious metals took prices to the lowest levels in months, inter-commodity spreads have turned positive recently. There are other technical signs that precious metals have found significant bottoms over recent weeks and are now prepared to probe the upside once again,” adds Seeking Alpha.

For more information on the silver market, visit our silver category.

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