Goldman Sachs says silver is likely to stay highly volatile because inventories in London are unusually low.
With less metal available, prices can move sharply on relatively small shifts in demand or positioning. This also increases the risk of squeeze like moves, which can helps explain the oversized swings above $70 the market has seen recently.
Goldman adds that the volatility can work in either direction. Until inventories rebuild and trading conditions normalise, silver is likely to remain very reactive to new headlines and flows.
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