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Gold and silver rally seen as the start of a broader mining move
Analyst Michael Oliver of Momentum Structural Analysis said silver and miners could lead for the next six months to a year, pointing to a backdrop of supply losses from mine setbacks.
Mining.com reports that Michael Oliver, founder of Momentum Structural Analysis and a veteran market analyst, said the current gold and silver rally is only the beginning of what could be a larger move for mining and metals stocks.
Oliver, speaking on MINING.COM’s Top of Mine, argued silver is positioned for a “furious recovery,” and he suggested investors focus on silver and miners over the next six months to a year.
He also tied the outlook to concerns about central bank policy, saying money units decay as supply rises and that a “bubble” breaks could trigger a shift in central bank behavior, including additional printing.
The article further cites mine setbacks in Indonesia, Congo, and Chile that, it says, cost the market 338,000 tonnes in the first half, and notes Southern Copper remains ahead of Rio Tinto.
Latest closeGold $4,432.00 ▲1.6%|Silver $64.83 ▼0.1%|Copper $6.606 ▲0.2%