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Silver price dropped below $22.00 per ounce

It will takes about:

December 10, 2021

Latest updates:

– US indices finished yesterday’s trading lower. S&P 500 fell 0.72%, Dow Jones closed around the flatline and Nasdaq dropped 1.71%. Russell 2000 plunged 1.96%
– Negative sentiment prevails in Asia. Nikkei fell 1.04%, S & P / ASX 200 dropped 0.42% and Kospi lost 0.60%. Indices from China also moved lower
– DAX futures point to a lower opening of the European cash session
– Fitch downgraded China Evergrande and Kaisa Group, defining them restricted default
– PBOC Governor Yi Gang said Thursday rights of Evergrande shareholders and creditors would be “fully respected”
– PBOC also said the risk caused by a few Chinese real estate companies in the short term would not undermine Hong Kong’s capital market.
– Japanese scientists found that omicron is 4.2 times more transmissible than the delta, and has a higher chance of escaping immunity built naturally and through vaccines.
– IMF said that a more transmissible virus variant such as Omicron could cost the global economy a further $5.3 trillion, in addition to the current projected loss of $12.5 trillion.
– Biden said the US is preparing “additional measures” against Iran as nuclear talks falter
– Toyota has shut down production lines at two assembly plants due to supply chain problems
– Beer is being rationed in Australia due to supply chain disruption
– Japan PPI in November +0.6% m/m (vs. expected 0.3%) & +9.0% y/y (expected 8.5%)
– New Zealand retail card spending for November +9.6% m/m (prior +10.1%)
– Bitcoin dropped below $48,500 handle, while Ethereum is approaching $4100 level
– Oil move slightly higher, while precious metals pulled back
– AUD and EUR are the best performing majors. NZD and CHF lag the most

Silver price dropped below $22.00 per ounce, a level not seen since late September amid a stronger dollar. If current sentiment prevails, next support at $21.50 may be at risk.

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