Last Thursday, Standard Bank warned silver market watchers not to be too excited about the white metal’s upward momentum as it has recently been “finding strong resistance on approach of $20.50.” Since that time, however, the South African bank has been forced to eat its words.
Last week (Feb. 17-21), the US Federal Reserves January meeting minutes temporarily brought a pause to silver’s movement momentarily, but rebounded to $21.90 by Thursday.
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So far this week, all of the precious metals have seen strong rallies – however, silver finished down for the first time in four sessions on Wednesday’s close at $21.89 spot, 7.5 cents lower than Monday’s close.
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