Silver price (XAG/USD) picks up bids to post a recovery from the intraday bottom to $21.80 during a sluggish Friday as the metal traders take a breather at the end of a volatile week amid a light calendar and mixed feelings. Even so, the XAG/USD appears well set to post the biggest weekly gain since the week starts from November 28.
The global policymakers’ efforts to push back the fears of the financial market crisis of 2008 gained little reception but manages to avoid any more casualties in the market and hence traders remain cautiously optimistic. However, the mixed US data join hawkish Fed bets to challenge the optimists.
The comments from Saudi National Bank's Chairman, Ammar Al Khudairy, conveying the “sound” conditions of Credit Suisse join the major US banks’ efforts to help California-based First Republic Bank to avoid a liquidity crunch to favor the risk-on mood. On the same line was the news that Credit Suisse eyes borrowing up to CHF50 billion from the Swiss National Bank (SNB) to strengthen liquidity, as well as Reuters quoting anonymous sources to confirm that the US banks are less vulnerable to the Credit Suisse debacle. Furthermore, US Treasury Secretary Janet Yellen’s assurance over the US banking industry’s health and European Central Bank’s (ECB) 50 bps rate hike, matching expectations, also favored the sentiment and allowed the latest run-up in the XAG/USD prices.
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