Silver on big move, crosses rupees one lac!

 

Silver moved higher yet, not outperformed Gold 

Precious metal expert Jordan Roy-Byrne suggest, it has been a heck of a last year for precious metals. A year ago, Gold broke out from its 13-year cup and handle pattern, and days ago, it reached its measured upside target of $3,000/oz. Quality miners and quality junior mining companies have surged higher. 

Silver has moved higher alongside Gold but has not outperformed Gold yet. It has gained roughly the same amount as Gold in the past 13 months. However, since the May 2024 peak, Silver is up only 4% while Gold is up nearly 25%.  Part of the issue is that Gold, after clearing $2100/oz, has been able to enjoy blue sky territory (no overhead resistance) while Silver has had to chew through multiple resistance levels between $26 and $35/oz. 

In the row, Augmont Bullion report, Silver is trading in a range of $33 (~Rs 97000) to $35(~Rs 102,000) from the last few days. Buy on dips and sell on rallies should be the strategy used.

In the report, Augmont Bullion report suggest, gold prices rebound due to rising global trade concerns caused by US auto tariffs. US President Donald Trump announced a 25% tariff on imported vehicles and light trucks beginning next week, escalating the global trade war. The deadline for retaliatory duties from the world's largest economy is April 2.  

Investors are looking forward to Friday's U.S. personal consumption expenditures data, which may provide insight into the country's interest rate path. 

According to World Gold Council data, global gold ETFs saw $3 billion in net inflows last week alone, or around 31 tons of gold. That was the seventh straight week of inflows, with North America accounting for the majority of the purchases. Year-to-date, global net inflows have exceeded $19 billion (207 tons), putting 2025 on track for the strongest Q1 since 2022. Gold has strong support at $3010 (~Rs 87200), if prices fall below this level, we could see further retracement and profit-booking in prices up to $2985 (~Rs 86500). While if prices sustain above $3040 (~Rs 88200), they can again head higher towards $3080(~Rs 90000).



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