Silver doesn't appear to have bottomed yet, although it has been in the red for nearly five months. Silver's recovery again may be delayed due to fears of a recession in the world, especially the United States of America.
Silver hit a two-year low of $18 an ounce on the New York Stock Exchange in July. It was down 19% for the year. Only there is wood, which has fallen dramatically almost over 56%.
On Monday, it settled at $18.85
It is more than the lowest level of silver in two years by about 5%. Will this decline give impetus to the industrial metal to reach $20?
Gold has decreased slightly by 4% over the course of this year compared to the case of the bearish silver market, where the gaps between the two metals are usually few in terms of the percentage of decline and not multiplied by several times.
The Russian invasion of Ukraine has made major commodities expensive, with silver reaching $26 an ounce since last March, after which it has fallen every month. lost 8% in April; 6% in May and June, 0.8% in July and now nearly 7% for August.
A year before the Ukraine war, specifically on February 1, 2021, silver reached its highest level, reaching $30.
Uncertainty in industrial demand for silver amid growing fears of a US recession is responsible for much of the slippage over the past year and a half.
After that, and up to the present time, about a year and a half, the reservation in industrial orders for silver with concerns about the American recession led to a decline in silver levels in this way.
We can still see gold making the move upward
Posted Using LeoFinance Beta
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