Silver Surges 3% To $18.30oz; Next Resistance At $20/oz…And Then $50/oz
* Silver has breached the resistance level of $18 an ounce for the first time in two years after surging 3% yesterday
* Spot silver extended gains for a third straight session, jumping 3% to $18.15 per ounce. It reached $18.34, its highest level since September 2017 and is up 11.5% in August, making it the top performing asset in the world
* Gold and silver gained as U.S. stocks fell and a drop in Treasury yields led to safe haven demand for the precious metals due to concerns about slowing economies
* The gold silver ratio has fallen from 90 to 84 to 1 and will continue to fall as silver plays catch up to gold. The next resistance level is $20/oz and a monthly close over $20/oz will open the way to silver looking to target the nominal high of $50/oz in 1980.
Silver moves through resistance at $18/oz
*********
Mark O'Byrne is executive and research director of www.GoldCore.com which he founded in 2003. GoldCore have become one of the leading gold brokers in the world and have over 4,000 clients in over 40 countries and with over $200 million in assets under management and storage.We offer mass affluent, HNW, UHNW and institutional investors including family offices, gold, silver, platinum and palladium bullion in London, Zurich, Singapore, Hong Kong, Dubai and Perth.
More from Silver Phoenix 500
