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 not benefited from the recent slump in the dollar (DXY), itself caused by a further deterioration in US economic conditions and a resulting increase in market expectations for a Fed rate cut at the October 30 FOMC meeting (priced in by a 90% probability).
Like gold, we attribute the lack of upward pressure in SIVR to the current de-grossing in the net long