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Silver has been "dead money" for the past six months, yet its fortune is about to alter with the precious metal's fundamentals indicating a breakout towards $35, claimed Jim Iuorio, TJM Institutional Provider managing supervisor.
After frustrating several months, silver finally discovered its spotlight, Iuorio informed Michelle Makori, editor-in-chief of Kitco Information. Silver is up more than 4% on the week up until now, with the potential to go a whole lot greater.
" I have actually been lengthy silver for a long time, and it's been an agonizing trade. Copper broke out of a pretty substantial technological pattern recently, and also I think silver is following it today," Iuorio stated.
Follow Michelle Makori on Twitter: @MichelleMakori ()
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From 'dead money' to a breakout: Silver's fortune is about to change
Silver has been "dead money" for the past six months, but its fortune is about to change with the precious metal's fundamentals pointing to a breakout towards $35, said Jim Iuorio, TJM Institutional Services managing director.
After frustrating several months, silver finally found its spotlight, Iuorio told Michelle Makori, editor-in-chief of Kitco News. Silver is up more than 4% on the week so far, with the potential to go a lot higher.
"I've been long silver for quite a while, and it's been a painful trade. Copper broke out of a pretty significant technical pattern last week, and I believe silver is following it today," Iuorio said.
Follow Michelle Makori on Twitter: @MichelleMakori (https://twitter.com/MichelleMakori)
__________________________________________________________________
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