“Chenglong International”– Silver’s Shine Dulled By 20% Fall.
Chenglong International: Rumors surrounding the end of silver’s bull run are greatly exaggerated.
Chenglong International say the rout of the silver market in recent days represent s nothing more than profit taking on large speculative positions.
“Investors have to remember that the fundamentals for the metal remain as valid today as they were before the parabolic rise in price the metal enjoyed,” said a metals analyst at the Asia-based wealth manager.
“Chenglong International” believes that the metal would not have enjoyed the run up were the fundamentals not in place. “Its credentials as both an industrial and a monetary metal remain completely intact and we are buyers on pullbacks in the price,” the analyst added.
Silver traded close to its all-time high of $50.36 last week but has fallen to below $40 following 3 days of straight falls on heavy selling by speculators.
“Chenglong International” urged it clients not to lose sight of the fact that the world’s central banks are losing the ability to control their currencies and that the debasement of the dollar, the euro, the yen and the pound is inevitable.
“Long-term holders of the metal should not be fazed by the price action and should stay the course,” the analyst said in conclusion.
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