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Is Now The Time To ‘Buy The Dip’ In Silver Or Wait?

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On Monday, silver took centre-stage rallying over 13% to hit $30 an ounce for the first time since 2013. That’s silver’s biggest one-day move since 2008.

Every explosive rally, is always followed by healthy profit-taking as seen towards mid-week.

Silver was already traders’ favourite last year as the precious metal rallied nearly 60%.

A combination of greater safe-haven demand, ultra-low real yields, as well as a stellar rebound in China’s economic activity in H2 2020, boosted both investment and industrial demand for the precious metal.

Goldman Sachs see silver prices rising to $33 an ounce in 2021 as U.S. President Joe Biden moves forward with his ambitious renewable energy plan.

Silver is a key component in two major technologies, which form President Biden’s renewable energy plan – Solar and 5G. Based on our proprietary research, photovoltaic demand for silver could exceed 3000 tonnes in 2021, while the 5G rollout – which is only just beginning – will be a major driver of demand for years to come.

Precious metals are starting to attract a lot of attention – on a scale not seen since the global financial crisis, but silver is the metal to watch closely.

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:

For a look at all of today’s economic events, check out our economic calendar.

This article was originally posted on FX Empire

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