Though silver managed to decline fairly steadily [last week] on the back of reduced concern about Ukraine, according to Mike McGlone, head of US research at ETF Securities, “the path of least resistance is up,” largely due to the high gold/silver price ratio, strong retail investment demand and increased fabrication use. That’s significant, he said, because “[v]olatility is always mean-reverting, so when volatility is that low, [prices are] ready for a big move.”
Though the precious metal reached $19.67 last Monday, by Friday it closed at $19.08 per ounce.
“Something has to give,” McGlone concluded, “the question is where, when and how.”
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