Silver Bulls Take a Trip to the Flea Market (SLV)
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Monday is just another day at the flea market for silver bulls, who are stepping up in force to purchase the shiny metal. iShares Silver Trust ETF (NYSE: SLV) is trading higher by 2 percent as the spot price is climbing off last week’s lows near $26.50; the fund is now trading around $26.74. Gold is also higher this afternoon. The SPDR Gold Trust ETF (NYSE: GLD) is up 0.7 percent at last check.
The move in silver is significant for two reasons, traders say. First, technical support at $26 is keeping a bottom on silver prices. Second, the dollar index is also moving higher Monday, creating a headwind for precious metals. Despite this, gold and silver are both rising and this has bulls posturing for a week-long rally in precious metals. Optimists' ranks have thinned recently, but they’re still hanging around, just waiting for an opportunity to make a move.
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The move in silver is significant for two reasons, traders say. First, technical support at $26 is keeping a bottom on silver prices. Second, the dollar index is also moving higher Monday, creating a headwind for precious metals. Despite this, gold and silver are both rising and this has bulls posturing for a week-long rally in precious metals. Optimists' ranks have thinned recently, but they’re still hanging around, just waiting for an opportunity to make a move.
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