Risk appetite has improved noticeably following the 15-point peace plan put forward by the Americans to Iran earlier today, helping drive a sharp rally in silver. While Tehran is unlikely to agree to it in its current form, markets are treating it as a signal of de-escalation rather than a stalling tactic, at least for now. If we are past peak tensions in the Gulf, the technical signals suggest the lows may be in for the precious metal, and recent correlations in the matric below point to further upside. Silver has shown a strong inverse relationship with US Treasury yields over both the past week and month, ... (full story)