Silver Spikes Over $20 As Post-Brexit Panic Sends Precious Metals’ Positioning To Record Highs
By Tyler Durden
Extending Friday's gains, Silver futures just broke above $20 for the first time since August 2014…
Following silver's best week since August 2013, dramatically catching up to gold's recent performance, it appears, despite the volumeless meltup in stocks, that Brexit has sparked huge demand for the safety of precious metals.
For a second straight week, funds boosted their net-long futures and options positions in the two metals to the highest since the data begins in 2006.
Money managers have been piling in on demand for havens and speculation that interest rates will stay low as central bankers around the world struggle to contain the economic fallout from the U.K.’s vote to quit the European Union.
But what happens next?
Source: Bloomberg
Source: Silver Spikes Over $20 As Post-Brexit Panic Sends Precious Metals’ Positioning To Record Highs
