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It’s now Silvers time to shine, stepping out of the shadows to surge 150% in just 5 months

August 18, 2020

Silver

2020 so far has proven to be a breakout year for silver as it finally stepped out of the shadows of its more-popular Gold counterpart, rocketing up as much as 150% from its yearly low in comparison to bullion’s 43% climb.

Record low-interest rates coupled with accommodative monetary policy and extraordinary fiscal stimulus have bolstered precious metal prices and formed the perfect environment for non-yielding assets to outperform.

Although, the recent recovery in bond yields on the back of the US Treasury Department announcing that it would substantially increase its “10-year note auctions by $6 billion, the just-implemented 20-year bond auctions by $5 billion and 30-year bond auctions by $4 billion”, temporarily disturbed the ‘goldilocks’ environment nurturing the precious metal market.

The significant rise in supply weighed on longer-term bond prices and in turn, ignited an aggressive reversal in silver, as it collapsed almost 22% in only four days whilst US 10-year Treasury Note yields soared 22 basis-points.

Although the Treasury “will issue $108 billion of 10-year notes, $69 billion of 20-year bonds and $72 billion of 30-year bonds over the next three months” it’s unlikely that yields will continue to rise, given the Federal Reserve’s commitment to “increase its holdings of Treasury securities an agency residential and commercial mortgage-back securities at least at the current pace to sustain smooth market functioning”.

With that in mind, silver may extend its climb to multi-year highs if the central bank continues to cap the potential upside for bond yields.