Will silver prices rise in October? [Video]

Phil Carr The Gold & Silver Club

Silver prices rose more than 3% on Thursday amid renewed buying as traders look to hedge against global economic uncertainties and rising inflation.

Throughout September, the prospect of the world’s leading central banks moving more aggressively to stamp out inflation pushed Silver prices to their lowest level since July 2020.

However, as traders know – when something goes on sale, you have to buy it.

And that is exactly what we are seeing heading into a fresh month and fresh quarter.

Despite the near-term volatility, many traders remain bullish on Silver in the long-term, as they expect the global green energy transition to drive up demand for the precious metal.

Growing demand for clean energy and electric vehicles will make Silver an essential commodity similar to its peers such as Copper, Palladium, Lithium, Nickel and Uranium – all of which have surpassed multi-year highs in recent months.

Silver has a habit of lagging behind the rest of the commodities complex for extended periods of time – but once it gets going, it really gets going.

Historically, Silver has a well-documented track record of staging spectacular comebacks, when you least expect it. With prices currently in significantly oversold territory – ultimately suggests Silvers fortunes could be about to turn.

Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:

Author

Phil Carr

The Gold & Silver Club

Phil is the co-founder and Head of Trading at The Gold & Silver Club, an international Commodities Trading Firm specializing in Metals, Energies and Soft Commodities.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.