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Silver Prices Plummet to an 11-year Low | The Mesh Report

Silver Prices Plummet to an 11-year Low

Mike Hammer March 17, 2020 Comments Off on Silver Prices Plummet to an 11-year Low

Growing panic in financial markets continues to drag precious metals prices down across the board, but growing recession fears are particularly weighing on silver and palladium prices, according to analysts.

Monday, silver prices fell to a nearly 11-year low with many analysts saying that lower industrial demand for the precious metal is weighing on prices. Meanwhile palladium, which has been the best performing asset in the precious metals space, has dropped nearly 50% from its February all-time highs. Palladium is trading back below gold prices.

May silver futures last traded at $13 an ounce, down more than 10% on the day. June palladium futures last traded at $1,469.20 an ounce, down more than 2.5% on the day.

Although silver and palladium have lost significant ground in the last few days and weeks, some market analysts are not ruling out lower prices in the near-term.

“Silver trading below $15 definitely has a lot of bad news priced in but the question investors are asking is: ‘How bad is bad,” said David Madden, senior market analyst at CMC Markets. “The bad news can still be worse.”

Madden noted that the current market environment is irrational as investors are liquidating safe-haven assets like gold. In this environment silver doesn’t stand a chance to attract investor interest.

“Right now, the feeling among investors is that if you own an asset that isn’t cash then you need to get out,” he said.

Continue Reading At The Gold Enthusiast



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