Silver looks to be an attractive bet for long term
NEW YORK (Scrap Register): TD Securities calls silver an attractive bet after recent price weakness.
Silver, recently deemed the ugly duckling of the precious-metals complex, bounced off resistance at $16.80 per ounce and is now trending lower with precious metals, TDS noted.
Investor appetite for silver remains lackluster as speculators recently piled on shorts, driving net exposure to its lowest on record.
“Given our uncertainty that the Fed hikes four times and the likelihood real rates will remain low, we expect precious metals will perform well moving forward — going long silver looks to be an attractive bet,” analysts at TDS added.
The most active May Silver contract on the COMEX division of the New York Mercantile Exchange settled down by 0.42% to $16.50 an ounce on Thursday.