iShares Silver Trust: SLV Bulls’ Struggles Continue

Early this week, the losses of SLV pulled the price to below $31, closing at $30.84. This has led to silver struggling to make significant gains in its price. Economic conditions have been stabilizing of late and this has been accompanies by the risk appetite of investor. This has created a desire for liquidation in silver trading.

Since August 15, 1997, reports from CME Group indicated that the stocks of silver with COMEX hit the highest levels. A statement from the firm said that this development will grab the attention of many bears. In addition to that development, this liquidation bug seems that to spread the ETF market will delight all the precious metal bears.

The price of silver experienced an upward push; allowing this precious metal to hit $31.38. Silver had further support yesterday when the GDP of the US declined for the very first time in more than three years. This saw the Price of SLV fuelling up to close at $32.02, recording straight gains of $0.64.

Scotiabank said that the price of silver was just below the usual trend line of $32.23. The statement added that the bank looks forward to change the general outlook of that bullish trend.

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