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Silver weakness signals slowing economic growth

Published 03/27/2018, 02:37 PM
Updated 03/27/2018, 02:37 PM
© Reuters. Silver weakness signals slowing economic growth
  • Silver prices are down over 3% this year compared to a 3% gain for gold, raising the gold-to-silver ratio to over 82x, the highest since 2016.
  • Industrial uses account for 55% of total silver demand, according to the Silver Institute. A higher gold-to-silver ratio is seen as a negative economic indicator because money managers cut silver positioning when the outlook for growth is weakening, and gold rallies on rising equity volatility.
  • Hedge fund positioning in silver futures is the most bearish on record according to CFTC data. Positioning flipped rapidly from record long last year to record short now.
  • "There's just not many people looking to buy silver at this point in time," said Walter Pehowich of Dillon Gage Metals. "There's a lot of silver that comes out of the refineries, and they can't find a home for it," he added.
  • ETFs: SLV, AGQ, PSLV, USLV, SIVR, ZSL, SLVO, DSLV, DBS, USV, SHNY, DULL
  • Now read: What Is Silver Waiting For?


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