Mike McGlone, head of research for ETF Securities, says in an interview with Kitco News that precious metals demonstrate strong performance in the generally weakened commodity sector, and silver is leading the pack.
The white metal, in the wake of the soft September employment number, has been the best
performer among precious metals.
"So far in October, it is up 10%, making it
the only precious metal up on the year, +2%," said McGlone in a recent conversation with Daniela Cambone.
Along with copper, it has been under pressure for the past few years, "but has diverged so far in 2015:
silver up 2% YTD, copper down 18% YTD," he added.
Supply and demand trends are salutary for the metal with record
Indian imports, strong China imports and record coin sales. The analyst also expects that this year will mark the first annual decline in supply.
"Technicals appear to have turned up, currently holding resistance at
the 200-day moving average at $16 an ounce," he said.
