Global shares rebounded from last weeks pull back and silver prices spiked Monday driving the Devil’s metal to 8-yr highs.
MSCI’s benchmark for global stock markets rose 1.47% to finish at 652.35 Monday.
Silver mining stocks rose and precious metals dealers saw demand for bars and coins.
The iShares Silver Trust ETF (NYSEArca:SLV) rose 7.1%. Data showed its holdings rose by a record 37-M/shares from Thursday to Friday, each representing 1oz of silver.
Mining giants, BHP, Glencore Plc and Anglo American Plc were the Top gainers on the FTSE 100 in London, with the blue-chip index closing up 0.92% on the day
US small-cap miners Hecla Mining Co and Coeur Mining Inc spiked 28.3% and 23.1%, respectively.
Silver prices trade up 6.3% at 28.70oz on the day. Silver has gained 19% in price since Thursday on retail buying
Spot silver was up 6.97% at $28.88. Gold followed silver higher, up 0.77% to 1,860.22oz, gold futures settled up 0.7% at 1,863.90.
Monday, the benchmark US stock market indexes finished at: DJIA +229.29 at 30211.91, NAS Comp +332.70 at 13403.40, S&P 500 +59.62 at 3773.86. The Russell 2000 outperformed finishing +2.5% on the day.
Volume: Trade on the NYSE came in at 1.1-B/shares exchanged
HEFFX-LTN’s overall technical outlook for the major US stock market indexes is still Neutral to Bullish with a Very Bullish bias in here.
- Russell 2000 +7.7% YTD
- NAS Comp +4.0% YTD
- S&P 500 +0.5% YTD
- DJIA -1.3% YTD
Looking Ahead: There is no economic data of note scheduled for Tuesday.
Have a healthy day, Keep the Faith!
Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of “The Red Roadmaster’s Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.