Silver Miners Sit on Record Cash Pile as Price Awaits Breakout

Silver miners are holding a record $4.8 billion in net cash, giving them a strong financial position as they await potential price gains.

The silver price is currently trading near $63 and has been stuck in a range, but analysts believe it may break out after the Federal Open Market Committee (FOMC) meeting later this week or early next week.

Rashad Hajiyev, a crypto analyst, expects the silver price to start moving higher after the FOMC meeting, with his daily chart placing silver at $63.8785 and $70 as the key resistance level.

If the silver price breaks above $70, it could open up new levels of support at $75, $80, $85, $90, and potentially even $100.