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USV - SIVR Weekly: Spec Short-Covering More Than Offsets ETF Profit-Taking
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Investment thesis
Welcome to Orchid's Silver weekly report, in which we wish to deliver my regular thoughts on the silver market through the Aberdeen Standard Physical Silver Shares ETF (SIVR).
SIVR has rebounded since mid-November, but the rebound has been partly undermined by ETF selling because ETF investors take profit as the year-end nears. Given the light spec positioning in the silver futures market, however, short-covering could continue to support prices in the near term. In 2020, we expect a rebound in silver demand from electronics, judging by the recovery in the global semiconductor sector.