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Silver prices pounded to 4-week low as risk appetite upticks a bit

Jim Wyckoff

Kitco News

(Kitco News) - Silver prices are sharply lower and hit a four-week low in late-morning trading Tuesday. The metal is getting hit harder than gold amid a rally in the U.S. stock market that has put some risk appetite back into the marketplace, amid the coronavirus outbreak that has gripped markets the past few days.

Gold prices are holding up fairly well Tuesday, but Tuesday’s price action again shows that silver, the safe-haven little brother to gold, can many times take a bigger hit when risk appetite improves.

Some near-term technical damage has been inflicted in silver Tuesday, as a price downtrend on the daily bar chart has been restarted, suggesting some more downside price pressure is likely in the near term.

March silver was last down $0.501 at $17.55 an ounce.

By Jim Wyckoff

For Kitco News

Contact jwyckoff@kitco.com
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