Poor man’s gold to hit 50 according to Michael Purves
After the last 12 months of craziness traders can be forgiven if they’ve become inured to moves in precious metals. To those who swore off semi-precious silver last summer it’s time to rue the day: Silver has rather quietly staged a more than 20% rally since the beginning of 2012.
According to Michael Purves, chief market strategist at BGC Financial, silver is apt to warrant more attention. “Silver is a poor man’s gold and it’s also very volatile,” he says. “I think a lot of that volatility will be skewed to the upside”.
And by “upside,” he means a move to all time nominal highs. The semi-precious is “setting up for something more powerful; we could see $50 later this year,” he states.