SMM News: the silver market experienced a rare slump this week, falling nearly 20%. After a big rally this summer, silver has recently fallen from above $30 an ounce to below $22.
But Mike McGlone, senior commodities strategist at BI, believes that despite the short-term pressure, the "bad luck" of the silver market over the past seven years has come to an end. It will only be a matter of time before silver returns above $30 an ounce.
"Silver has gone from $12 to $30 in this year's shock zone, and its low is basically an all-time low, while the high is likely to be broken through."
McGlone believes that silver has gone a little too far after rising to $30 an ounce, and then it should be in the range of $20 to $25 an ounce.
"if it stays below $20, it shows a state of continued weakness, while a return to above $25 means there is a possibility of further gains."
McGlone points out that the performance of the silver market in recent months is very similar to that of the 2008 financial crisis. After the initial rally, the price of silver fell to $8 an ounce at one point, but there has been no such low price since.
"the fall in silver prices in March cleared many weak bulls in the market and bottomed out below to prepare for more gains."
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