What Could Pull Silver Back Up?

By Lior Cohen
Seeking Alpha

janet160
Janet Yellen

The silver market cooled down last week, despite the escalation in the relationship between U.S and Russia. Looking forward, what could bring back up silver?

During last week, the price of silver declined by 2.7%. The silver ETF iShares Silver Trust (NYSEARCA:SLV) also fell by a similar rate during last week. Silver Wheaton (NYSE:SLW) and Pan American Silver (NASDAQ:PAAS) also fell by 2.3% and 1.5%, respectively.

Yellen testifies — silver falls

Chair of the FOMC, Janet Yellen, testified in front of the Committee on Banking, Housing, and Urban Affairs. She did made some comments about the potential bubble in certain sectors in the equities market, which may have contributed to the fall of U.S equities. Some also speculated, she may have laid the ground work to justify a rate hike sooner than anticipated. This speculation was enough to bring down silver. Up to now, however, the uncertainty around the timing of a rate hike played in favor of the bullion market. Thus, even the slightest hint of such a rate talk was enough to bring down silver.

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