Why was silver targeted? Analysts point to a price move in silver – by Anna Golubova (Kitco News – February 4, 2021)


(Kitco News) Silver was targeted for a reason by the new wave of social media investors this week, according to a panel of analysts, who also identified the precious metal as the top performer for 2021.

“Silver is our top favorite,” said Metals Daily CEO Ross Norman during the LBMA webinar on Thursday.

The choice to target silver was not much of a surprise, considering that silver has already begun to receive attention from a broader audience, even before the Reddit-triggered #silversqueeze phenomenon.

“Even before the spike in prices, we’ve seen over the past week. Investors have been friendlier to silver given its industrial properties,” said UBS precious metals strategist Joni Teves.

And even though this new interest will not immediately translate into higher prices, it will show up in the medium and long-term timeline. “Silver does have the potential to outperform gold in an environment where industrial demand is expected to recover,” Teves said.

For the rest of this article: https://www.kitco.com/news/2021-02-04/Why-was-silver-targeted-Analysts-point-to-a-price-move-in-silver.html