The world's largest gold and silver fund is continuously selling off.

The iShares Silver Trust (SLV) sold more than 44 tons of the precious metal during the trading session on June 2nd. Photo: Reuters .

According to an update from Muavangbac.vn , iShares Silver Trust (SLV), the world's largest silver fund managed by BlackRock, sold 44.5 tons of silver on June 2nd, bringing its total holdings down to 15,040 tons. Thus, in just the first two days of June, the fund has "dumped" over 82 tons of silver.

Not only silver, but the SPDR Gold Trust also sold off more than 1.1 tons of gold in the past two days. On June 2nd alone, the fund sold 0.86 tons of the precious metal, bringing its total gold holdings down to 1,028 tons.

In trading on June 2nd (US time), the spot price of silver rose 0.5% to $75.17 per ounce. Meanwhile, under pressure from profit-taking by investors, the price of precious metals reversed course and fell to around $4,463 per ounce. Currently, the price of silver has fallen by another 1.3%, and gold has decreased by 1% compared to the previous closing price.

Christopher Lewis, an expert at FX Empire, noted that silver started the week on a downward trend but then recovered and showed positive signs. Currently, the $80 /ounce level is a point to watch particularly closely. In the past, this has been both a crucial support and resistance zone, so many investors are focusing on observing the market's reaction in this area.

"If the price can break above $80 per ounce, silver will most likely head towards $90 per ounce, corresponding to the peak of the long-term consolidation range that has formed over the past several years," the expert added.

Conversely, the $70 /ounce level is acting as a crucial support zone for silver. Just below, the 200-day exponential moving average (EMA 200-day) continues to provide additional technical support, further strengthening the price base for this metal.

If the price breaks through the 200-day EMA, the market could see a further decline, with the nearest target around $60 /ounce. However, this scenario is only likely to occur if interest rates skyrocket.

Given the rapid price changes, Lewis suggests that investors should pay particular attention to the yield on 10-year US Treasury bonds, as this is a key indicator influencing the performance of silver.

Nevertheless, in the long term, the expert maintains a positive view on silver. According to him, interest rates may create temporary obstacles, but not enough to change the long-term upward price outlook for this metal.

Source: https://znews.vn/quy-vang-bac-lon-nhat-the-gioi-lien-tuc-ban-thao-post1656574.html