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Silver analysis: precious metal takes out $30
As we have been banging on about for weeks, silver has finally broken the $30 level today, to reach its highest levels since 2013. Precious metals were looking strong even before the release of this week’s mostly weaker US data. But the weaker data has inspired fresh buying in metals and we could see gold set a new record too in the coming days. Our silver analysis suggests that the precious metal could potentially rise far beyond the $30 level, if the recent gains by gold and copper are anything to go by and in light of the big technical breakout from a multi-year consolidation pattern. This week’s data releases ... (full story)