Despite the gain, a big breakout above $26 still seems far away for silver...although with another week like this past one, we could soon break it down.
Worldwide silver demand is expected to rise 1 percent owing to a projected record high in industrial demand and a turnaround in jewelry and silverware offtake.
The accuracy of publicly available silver inventory statistics is questionable. Should the deficit between output and consumption persist, it is hard to see how the silver price won’t climb.
A move above $30 per ounce would represent a massive technical breakout. The metal hasn’t been able to climb above $30 since prices broke down in 2013.