Silver prices are on the rise for a second day. The price action hit a two-month high of $23.84/oz and could keep moving higher. The technical picture does not rule out the possibility of a leg up to $25.40, but the metal would have to gain a foothold above $24/oz in order for this to happen.
An interesting trend is shaping up in silver. It's unclear how stable it is, but it's still attracting attention.
First of all, the unusual thing is that gold has been showing considerable volatility, reacting to shifts in UST yields, constantly changing direction. By contrast, the outlook for silver appears to be steady and consistent. However, there have been no compelling fundamental reasons for a rally in the price of silver.
The prices of gold and silver generally tend to move in sync, but as we can see, there are some exceptions.