The silver price is down this morning, in a bit of a counterintuitive move after the latest producer price inflation data was released. Which showed lower-than-expected increases in producer prices, suggesting the Fed will be less likely to hike at its next meeting on June 14.
Yet despite the price action of the past 2 days, the silver price still remains higher on the year, amid the issues in the retail banking sector and a belief that easier Fed monetary policy is ahead. And in today’s call, I discuss what would need to happen for silver to break through the $30 level with John Lee of Silver Elephant.
John talks about his current forecast in the silver market, and how seeing a gold price above the $2,000 level continues to be a factor of support for silver. He also talks about the balance between the fundamentals in the silver market and the trading dynamics in the futures market, and how he sees signs that the paper influence is slowly losing control.
John also looks at some of the silver market technicals, to provide a full overview of the current dynamics, and where the market may be headed from here.
So to stay up to date on what the rest of the year might look like for silver, click to watch this video now!