(Kitco News) - It may take another miracle to hit $50 an ounce for silver, said Todd Horwitz, chief strategist of BubbaTrading.com, but another analyst offers a different view.
"I think it's going to be more of an organized rally but you never know. Once the big money comes into these markets, these markets really move. We saw quite a bit of funds flow into platinum, platinum's up $35 today, and that's a smaller market," said Phil Streible, senior market strategist of RJO Futures.
Streible added that while a parabolic move, he doesn't see it happening quite yet.
On gold, Streible noted that a large amount of money has moved into the yellow metal in recent days.
"We've seen an incredible move in there, we saw about 489 thousand ounces go into gold yesterday and about 1.2 million ounces go into silver ETFS. It's the largest amount of gold holdings we've seen all year long if you look at the derivatives as a whole," he said.
Streible noted that he likes the fundamentals underlying the trades.
"I do believe that we're going to hit $1,600 [an ounce]. I think the fundamentals are quite supportive. The Fed should be pretty aggressive cutting rates. They might disappoint at the tail end of it. Globally, interest rates are being cut everywhere. The trade war, the trade war, the trade agreement negotiation, that seems to be kind of the biggest factor because you look on Friday, it really got nasty between President Trump and China and gold futures surged closing on the high," he said.
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