Commodities
Silver Prices Plummet Amid Higher Crude Oil, Soaring Long Bond Yield
The price of Silver (XAG) took a sharp hit despite the soft dollar. The metal reversed $3 off its session high and is currently sitting just above a swing bottom, which would change the minor trend if it breaks.
The 50-day moving average is not far below the current price, and the long bond is trading at 5.31%, doing significant damage to Silver's prospects.
Higher crude oil prices are feeding into inflation expectations, giving bond sellers another reason to hold the long end of their portfolios at these levels.