Commodities
Silver Price Stuck Below Key Level as Peru Supply Risks Loom
The silver price is currently at $59.43, and analysts are watching whether it can reclaim the key level of $61.50.
Silver production in Peru accounts for one-sixth of total world production, making supply disruptions a significant concern for precious-metals traders.
The gold-to-silver ratio is at 69, which means that silver is currently undervalued relative to gold.
Some analysts believe that the current consolidation in the silver price is starting to resemble a bearish continuation triangle, signaling a possible downside move.