“Supply-demand issues are here, there are new fundamentals and it’s got momentum shooting it higher.”
Despite the day’s pullback, Streible expects silver to climb to “at least $60” an ounce.
“If you look at it from an inflation standpoint, look at gold year-to-date: it’s up 6.3 percent,” he explained. “The S&P’s also up while the dollar is down 6.3 percent, so [silver’s] not working with that inflation—otherwise, silver would also only be up that much.”
“We’re up 50 something percent and the reason is new fundamentals—it’s a supply deficit that’s going on in the market.”
Scorecard—What He Said:
- Streible's Previous Appearance on CNBC (Apr. 20, 2011)
More Market Intelligence:
CNBC Data Pages:
Tuesday's Top Dow Gainers (as of this writing):
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No immediate information was available for Streible or his firm.