Bearish
Silver drops 4% to $66.76 after Fed Chair Warsh's hawkish Jackson Hole speech.
Silver prices declined sharply following Federal Reserve Chair Kevin Warsh's hawkish remarks at the Jackson Hole Economic Symposium, which heightened expectations of a potential rate hike. This led to a sell-off in precious metals, with silver closing at $66.76 per ounce, down 3.60% on August 28.
Key points
- Warsh's comments at Jackson Hole revived rate hike expectations, pressuring silver prices.
- Despite the recent decline, silver remains over $29 higher than a year ago, indicating strong year-over-year performance.
- The structural supply deficit in silver persists, suggesting potential support for prices in the medium term.
Sources
AI-generated from public news sources. Not financial advice.
