Why silver investors should continue to be patient

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June 27, 2019 5:43pm NYSE:SLV

NYSE:SLV | News, Ratings, and Charts

From Daniela Cambone: The silver rally is on its way, but until then, it’s like watching paint dry, according to Peter Hug, global trading director for Kitco Metals Inc.

After gold’s monster rally last week to price levels not seen since 2013, silver climbed up near the $15.40/ozmark. Silver bulls have been patiently waiting for a run-up to highs of $50 an ounce, last seen in 2011.

“I expected a rally in silver,” Hug noted. “I thought silver would have had at least enough juice to go up to $16.”

Still, there might be hope for silver bulls – Hug said that if the gold rally doesn’t lose its momentum, a rally would be inevitable.

“I still think if this gold rally is real and gold can get over $1,425, given the small amount of resistance levels above that level, eventually silver is going to catch it,” he said.

“If it does, it’s going to be up [$1 to $3] within the space of three to four trading days.” It is only a matter of time, he said.

July Comex silver prices were last down $0.120 at $15.255 an ounce, while August Comex gold prices fell by $7.1 to $1,408.3.

The iShares Silver Trust (SLV) fell $0.04 (-0.28%) in after-hours trading Thursday. Year-to-date, SLV has declined -10.69%, versus a 9.67% rise in the benchmark S&P 500 index during the same period.

SLV currently has an ETF Daily News SMART Grade of C (Neutral), and is ranked #9 of 34 ETFs in the Precious Metals ETFs category.

This article is brought to you courtesy of TheStreet.

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