Silver briefly rose to $58.84 per troy ounce, marking a temporary halt after a 10% spike since Friday and lifting its year-to-date gains above 100%.
Silver (XAG/USD) struggles to capitalize on the Asian session move up and retreats from the $54.40-$54.45 region, or its highest level since October 17, touched earlier this Friday.
The decline in Silver prices is sharply linked to that seen in Gold, raising questions as to whether this is truly associated with our Silverflood thesis or whether it is simply a function of a consolidation in precious, TDS' Senior Commodity Strategist Daniel Ghali notes.