On August 7, iShares Silver Trust rose 5.1% in pre-market trading, trading at $58.67/share, with turnover of $53.65 million.
On the news front, spot silver surged over 4% intraday, breaking above the $64 per ounce level, with weekly cumulative gains exceeding 8%. Goldman Sachs futures traders noted that managed money long positioning was the primary driver, with short-term momentum signals flipping positive and CTA systematic short covering officially initiating, adding $2.4 billion in open interest. However, Goldman Sachs also cautioned that the physical market has not tightened and does not expect sustained dollar weakness.
Earlier this week, silver strength was further supported by Fed inflation concerns, with Kansas City Fed President Schmid stating current monetary policy is insufficient to effectively suppress inflation, while weak non-farm payroll expectations boosted safe-haven demand for precious metals. Additionally, strong industrial demand from photovoltaic and electronics sectors has continued to tighten physical supply-demand balances.
The Trust seeks to reflect the performance of the price of silver before payment of expenses and liabilities. It is not actively managed and does not engage in activities designed to obtain profit from, or ameliorate losses caused by, changes in the price of silver.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
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