Silver prices have surged to two-year highs, reaching $27.33 before slightly declining to $27.05 at 08:00 UTC. This impressive rally is attributed to market sentiment surrounding US interest rate cuts and an improvement in industrial activity in the United States, Europe, and China. The weakening of the US dollar this week, due to soft and weak US macroeconomic data, has further fueled the surge in silver prices. Federal Reserve Chairman Jerome Powell's statement failed to provide support for the dollar. The RSI indicator suggests that buyers are in control, although a move below $27.00 could shift control to sellers. Support is currently at $26.81, with a possible move to test $26.55. [52338780]
Corey Maita, founder of MintID, discusses the current state of the precious metals market and the innovative solutions offered by his company. Maita attributes the recent rally in precious metals prices, particularly silver, to strong market fundamentals and increased demand. He expresses optimism about silver's potential to reach $30 per ounce and emphasizes the importance of building a higher base price for long-term growth. MintID addresses the challenge of counterfeiting in the industry by utilizing near-field communication (NFC) technology and AES 128-bit encryption to verify the authenticity of precious metals products. MintID offers a range of innovative products, including breakable pop bullion rounds and gold coins encapsulated with their encrypted packaging technology. Maita acknowledges counterfeiting as a growing problem in the industry and highlights the importance of tamper-resistant features in restoring consumer confidence. MintID's products are available for purchase on the Money Metals Exchange website. The interview provides valuable insights into the precious metals market and MintID's commitment to authenticity and security in the industry. [49b563ff]
Silver prices in the domestic market are at lifetime highs amid multiple catalysts like safe-haven demand due to escalating geopolitical tensions, hopes of US interest rate cuts, speculative buying, and a sharp rally in industrial metals. In the key MCX futures platform, prices reached an all-time high of Rs 84,515/kg last week, gaining about 12% in the last two weeks. The ongoing momentum-driven buying is likely to extend in the immediate run, driven by a robust rally in gold. Expectations of interest rate cuts, escalating geopolitical tensions, and enduring inflation concerns could help prices stay firm. However, it is less unlikely to register fresh lifetime highs in its key international market. [412b40c9]