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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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