Speaking to Kitco News, Lurio suggested that Silver was rendered ‘dead money’ as investors opted for Bitcoin while ignoring the precious metal alongside gold. He notes that investors were trading silver as a precious metal leading to the inability to break out. His sentiments come after silver gained by over 4% this week while projecting the possibility to go higher. At the same time, he suggested the precious metals are breaking out citing copper’s surge from the past week.
Silver price projection
On the metal’s price prediction, Luorio indicated that he sees Silver topping $35 in the coming months. He attributes the positive projection to a perceived changing market perception for the metal. He believes that silver will benefit from the regulatory policy like the green deal as it is used in the manufacturer of solar panels, electric conductivity. On the downside, the director believes that a surging crypto market will likely take attention from silver. He cited the approval of the Bitcoin ETF that has consequently resulted in the maiden cryptocurrency topping the $66,000 level, a new all-time high for the asset. The precious metals have been viewed as a hedge against inflation, but the increasing institutional adoption of Bitcoin has resulted in the asset emerging as an alternative. Wath the video: Silver’s fundamentals point to a breakout towards $35, said Jim Iuorio, TJM Institutional Services managing director [coinbase]
