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Ole Hanson: “Trifecta of drivers supporting silver”

In a recent article by the Saxo Group, technical analyst, and Head of Commodity Strategy Ole Hanson, had some shining words for the silver market. According to Hanson, “Following the March collapse, silver has now completed a dramatic V-shaped recovery to take aim at the next level of resistance at $19.65, the 2019 high. In the process the gold-silver ratio has dropped to 93.7 (ounces of silver to one ounce of gold), the lowest since February. The current triple support from rising gold, rising industrial metals and a weaker dollar could see silver attempt to further reduce its cheapness to gold, currently some 16% below the five-year average.”

Continue reading at: https://www.home.saxo/content/articles/commodities/precious-metal-update-15072020

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