The world's largest 'shark' has just bought over 80 tons of silver.

The world's largest silver fund, iShares Silver Trust (SLV), purchased more than 80 tonnes of the precious metal in the latest trading session, amid a slight recovery in silver prices.

The world's largest silver fund, iShares Silver Trust (SLV), made net purchases of over 84.4 tonnes of silver on June 22. Photo: Reuters .

According to data from Muavangbac.vn , the world's largest silver fund, iShares Silver Trust (SLV), unexpectedly bought a net of over 84.4 tons of silver on June 22nd, thereby increasing its total silver holdings to over 15,000 tons.

The decision by the world's largest "silver shark" to aggressively accumulate white metal comes as the metal's price recovered in early week trading, following a drop in crude oil prices amid new signals regarding US-Iran negotiations.

Specifically, during the June 22nd session, the spot price of silver briefly approached $67 per ounce before narrowing its gains and closing at $64.96 per ounce (+ $0.24 ). However, currently, the price of the white metal has slightly decreased by $2.3 to around $62.6 per ounce.

Kitco experts believe that the restructuring of positions following the US Federal Reserve's June meeting remains the main factor restraining silver's upward momentum. The Fed kept interest rates unchanged at the last meeting, but the market is still adjusting to a less dovish policy stance and the possibility of a rate hike later this year.

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Notably, this shift in policy expectations limits the potential for gold price breakouts, while making silver more vulnerable whenever the US dollar and short-term bond yields rise.

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For silver, the next upside target for buyers is to push the price above the resistance zone of $66.99- $69.02 per ounce. If successful, the next targets would be $71.49 and $72 per ounce. Sellers, on the other hand, are aiming to push the price below $64.53 per ounce. If this level is breached, further downside targets would be $62.92 and $60 per ounce.

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Source: https://znews.vn/ca-map-lon-nhat-the-gioi-vua-mua-hon-80-tan-bac-post1662329.html