- Silver prices are seeing further gains on Friday amid continued speculation in retail demand and rising inflation expectations.
- Spot prices at one point rose above $ 27.50.
Silver Spot Prices (XAG / USD) are seeing an even higher rise in the final trading session of the week as markets continue to anticipate a potential surge in retail demand and inflation expectations rise. Spot prices briefly rose above $ 27.50 and are considering a test of $ 28.00 monthly highs. A break above that level could open the door for a surge towards the 2020 highs, just shy of the $ 30 level. Currently, spot prices are up just 3% on the day and other silver-related assets are also seeing increases; Silver futures are above 5%, the popular silver SLV ETF is up more than 2% and silver mining company First Majestic Silver Corp (AG) is up another 10% after posting earnings of more than 20% on Thursday.
In terms of fundamentals impacting the market today; Johnson & Johnson released the final results of the vaccine trial, which does not appear to affect the risk appetite or sentiment of the precious metals market much. While the main efficacy of the vaccine was not as high as that of the Pfizer or Moderna vaccines (average 66% efficacy globally), and it showed somewhat disappointing efficacy against the South African strain of Covid-19, the vaccine was 85% effective in preventing serious diseases. Since the vaccine is just a shot, it should further accelerate global vaccination efforts, and stems from positive data from the Novavax trial published Thursday. More cuts in European vaccine deliveries, this time from Moderna, may have outweighed any potential vaccine optimism.
Technical levels
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