Silver dips under $30, recovers quickly
JP Morgan analysts suggest sell-off is short term and the ‘debasement trade rumbles on’
Silver prices moved under $30 an ounce in trading Thursday morning. Still, prices recovered after the United States released its producer price index data showing a rise in prices and suggesting slightly higher inflation in October.
Precious metals have been trending downward following the U.S. election of Donald Trump to return to his previous post as president. Gold traded in the $2,570 range Thursday morning.
Reduction in supply
On Wednesday, the Silver Institute industry association said it expects the global silver deficit to fall by 4% in 2024, with a 2% supply growth offsetting a demand boost of just 1%.
The Silver Institute expects a 5% increase in supply due to a spike in Western silverware scrap.
Strength of the dollar
The U.S. dollar has surged in foreign exchange markets after the election of Trump, who campaigned on a nationalistic economic strategy.
The move surprised JP Morgan analysts, who released a note Wednesday stating, “The swift move lower in gold post-election ran counter to our strategists’ expectations. However, they think the sell-off is a stumble, not a sea change.”
The note continued, “(There isn’t) a break in thesis that a Republican sweep of government will likely continue to fuel further upside for gold in 2025 as the debasement trade rumbles on.”
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