Despite industrial demand for silver looking stronger than ever...

Despite industrial demand for silver looking stronger than ever due the EV and renewable energy transition gaining massive backing and momentum, is clear that the biggest influencer of the silver price is still investment demand.

The US non farm payroll number strongly beat estimates last night, with the headline unemployment rate dropping from 5.7% to 5.4%. This only strengthens the case for Fed tapering sooner rather than later, with the trajectory likely to be firmly communicated by years end. Hence, silver and gold getting smashed last night as risk money moves from the investment metals to the US dollar.

I have no doubt that it will be a bumpy ride for silver until Fed tapering and the path for interest rate hikes is set and accepted by markets, which would be the bottom of the silver pain cycle, with prices then being more governed by industrial demand.

Anyway, despite the path ahead, I will buy a little more TMZ this week but am prepared for the bumpy ride until silver upward trend becomes re-established early next year imo.

GLTA