Friday

iShares Silver Trust: SLV Prices Could Remain Bullish Given The Increased Industrial Demand


Since the beginning of the year, SLV has been doing very well in comparison to gold. The prices of silver have risen by over 2.5% in the past one week. This has led to many precious metal traders predicting that SLV Prices are expected to remain extremely bullish in the coming days given the industrial demand which is steadily firming up.

Experts are optimistic that before the year ends, bullish trend of silver will lead to a high of $6,949. This bullish trend will be highly supported by the fact that more than 66% of the silver produced in the world is used for industrial purposes. At the London Metal Exchange, the price of SLV hit $31.29 an ounce, indicating an increase of 0.9%. Since December, spot prices have remained relatively stable between $29.20 and $31.49. Analysts and traders have attributed this kind of volatility to the negligible demand experienced in the market.

An analyst at Geojit Comtrade said that silverprices are not volatile but there is actually no clear direction to where the prices are moving. It is now clear that the equity market is growing steadily and very few investors have turned up to the global equity. But what are long term investors anticipating?

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Live 24 hours silver chart [ Kitco Inc. ]