Silver erased most of its monthly gains in the final part of last week as real yields surged and we got broad risk-off flows heading into the weekend risk after some hawkish Trump’s remarks on Iran. The divergence with gold we’ve seen in the past couple of weeks has been now corrected. Overall, the fundamentals haven’t changed at all. The main problem for silver and gold remains the Fed. Although the central bank is still keeping an easing bias, we are now approaching a point where the Fed is likely to drop it entirely. The market is now pricing in a 50% chance of a rate hike by year-end. If nothing changes before ... (full story)