Silver prices surged to two-week highs as Joe Biden was sworn in as the 46th president of the United States on Wednesday.
Silver extended its gains following Tuesday’s comments from Biden’s Treasury Secretary Nominee Janet Yellen that put downward pressure on the dollar. Yellen urged lawmakers to “act big” on the next coronavirus stimulus package, adding that the benefits outweigh the costs of a higher debt burden.
As central banks around the world keep aggressively pushing governments to continue printing money at historic levels – that ultimately points to higher spending, higher debt and in turn higher inflation. Which as we know, is an extremely bullish cocktail for precious metal prices.
Following Silvers lucrative run, profit taking is now likely to set in ahead of the weekend. However, it goes without saying that the long-term bull run remains firmly intact.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions:
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