Silver prices surged to two-week highs as Joe Biden was sworn in as the 46th president of the United States on Wednesday.
Silver extended its gains following Tuesday’s comments from Biden’s Treasury Secretary Nominee Janet Yellen that put downward pressure on the dollar. Yellen urged lawmakers to “act big” on the next coronavirus stimulus package, adding that the benefits outweigh the costs of a higher debt burden.
As central banks around the world keep aggressively pushing governments to continue printing money at historic levels – that ultimately points to higher spending, higher debt and in turn higher inflation. Which as we know, is an extremely bullish cocktail for precious metal prices.
Following Silvers lucrative run, profit taking is now likely to set in ahead of the weekend. However, it goes without saying that the long-term bull run remains firmly intact.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:
Trading has large potential rewards, but also large potential risk and may not be suitable for all investors. The value of your investments and income may go down as well as up. You should not speculate with capital that you cannot afford to lose. Ensure you fully understand the risks and seek independent advice if necessary.
Recommended Content
Editors’ Picks
EUR/USD steady below 1.0800 after US PCE meets expectations
EUR/USD remains depressed below 1.0800 after soft French inflation data, amid minimal volatility and thin liquidity on Good Friday. The pair barely reacted to US PCE inflation data, with the Greenback shedding some pips. Fed Chair Jerome Powell set to speak ahead of the weekly close.
GBP/USD hovers around 1.2620 in dull trading
GBP/USD trades sideways above 1.2600 amid a widespread holiday restraining action across financial markets. Investors took a long weekend ahead of critical United States employment data next week. Fed Chair Powell coming up next.
Gold price sits at all-time highs above $2,230
Gold price holds near a fresh all-time high at $2,236 in thinned trading amid the Easter Holiday. Most major world markets remain closed, although the United States published core PCE inflation, the Federal Reserve’s favorite inflation gauge.
Jito price could hit $6 as JTO coils up inside this bullish pattern
Jito (JTO) price has been on an uptrend since forming a local bottom in early January. Since then, JTO has revisited the key swing point formed in early December, suggesting the bulls’ intention to move higher.
Key events in developed markets next week
Next week, the main focus will be inflation and the labour market in the Eurozone. We expect services inflation to be impacted by the easter effect, while the unemployment rate to be unchanged.