Silver price jumped over 7.0%, most since February 2021 as concerns regarding the financial condition of Credit Suisse and weakening US dollar and lower bond yields provided support for precious metals. This may led to a market squeeze as traders bought back their previously short positions. Also one needs to remember that hawkish central banks and a slowdown in the global economy is reducing the consumption of electronics and automobiles and sales of jewelry from major consumers China and India, which may push prices lower in the long run.
Silver price rose sharply on Monday and broke above psychological resistance at $20.00 per ounce. Next target for buyers can be found at $21.00. Source: xStation5
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