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"The silver market has completely collapsed in its inability to find a bid in the current market environment," said Ole Hansen, head of commodity strategy at Saxo Bank. Currently, markets expect the Federal Reserve to raise the Fed Fund rate by another 75 basis points later this month. "Investor sentiment for silver has been weakening with the price, as demonstrated by declining ETF holdings. Since the start of May, more than 65.6 million ounces have been removed from ETF holdings, 13 million ounces of which was on 6 July following a 5.1% drop in the silver price during the prior trading session," the analysts said.
Still above $30 here.
Buy the dipp!