“Things seem to have begun to turn around after the recent news about North Korea and the inactions in regards to U.S. legislation. Both gold and silver have broken their short term trends. We might be looking at a multi-week uptick from here,” reports ETF Daily News. “The next secular move in gold and silver are based on fundamentals, not the Fed, Trump or Korea. They have everything to do with global debt and deficits. Korea happens to be today’s trigger the next wave up will be a different trigger.”
Silver could get another boost if gold prices start rebounding in earnest. Indian demand is vital for gold because the country is the second-largest buyer of the yellow metal behind China. India, one of the world’s largest gold consumers, could be set to lower its import tax on bullion, which could be major catalyst for gold prices.
“Alternately, if we break back below the $17 level, then I think we may pull back somewhat. I don’t have any interest in trying to sell until we below the $17 level, although I am the first to admit that Silver tends to be extraordinarily volatile, and can turn directions rather rapidly,” notes FXEmpire.
To this point in the third quarter, ETF investors have been skittish with silver ETFs, having pulled $65.5 million from SLV. However, SIVR has seen third-quarter inflows of almost $7 million.
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