Silver price 'is firing on all cylinders', says Commerzbank
(Kitco News) Precious metals, especially silver, are on a massive bullish run with massive momentum building, says Commerzbank analyst Daniel Briesemann. “It’s party time for gold, and especially for silver: while gold’s upswing yesterday was not particularly excessive at just +1.3%, silver was firing on all cylinders and surged by 7%. The rally is continuing this morning … [Gold] appears to be on track to regain its September 2011 record high, which is only just shy of $60 away. Silver gained another 7% for a time to reach $22.8 per troy ounce – reaching its highest level since October 2013,” Briesemann writes. Silver and gold rallies are likely seeing increased technical and speculative buying after prices rose above some historic thresholds. “This is presumably thanks to the massive support programmes rolled out by central banks and governments, such as the EU’s recent €750 billion recovery fund and the expectation of another multi-trillion economic stimulus package in the U.S. It seems that gold and silver are precisely the stores of value that investors are looking for,” Briesemann adds.