Tuesday, 02 January 2024 12:17 GMT

Shorting Silver The Smart Play Today? - (NYSE: ZSL) Makes Top NYSE Gainer List But Bullish Multi-Year Outlook Remains


Date:

(MENAFN- Investor Ideas) newswire), a leader in mining investing news and home of theExploring Mining Podcast, issues an alert on silver trading as the ProShares UltraShort Silver (NYSE: ZSL) makes the NYSE top gainer in this morning's trading.

ProShares UltraShort Silver (NYSE: ZSL ) is currently trading at 31.94 +3.27 (+11.41%).

Spot silver is currently trading at $55.62 USD -3.43 (-5.81%).

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Silver prices are down today following a hotter-than-expected U.S. CPI print that reinforced expectations for higher-for-longer interest rates, lifting the dollar and Treasury yields while weighing on non-yielding assets. The move has also been amplified by rising oil prices, thin liquidity, and profit-taking after earlier volatility, pushing the metal through near-term technical support.

But for avid silver investors the longer-term setup remains positive. The market is still projected to run a structural deficit for a sixth straight year, driven by resilient industrial offtake in solar photovoltaics, electronics, and other technology applications, while primary mine supply stays constrained as a byproduct of base-metal production. Combined with silver's dual monetary role and the potential for eventual policy easing or renewed safe-haven flows, these fundamentals continue to support a bullish multi-year outlook once the current rate-and-dollar headwinds ease.

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