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He added that although silver has seen a significant move, it still has plenty of potential to run higher. “Certainly, it looks like a market that could use a bit of a pullback. I wouldn’t advocate shorting here, regardless of the setup, just simply because of the momentum,” Lewis said in a note Wednesday. “In general, this is a market that looks very much like a buy on the dips, but we have to ask questions about whether or not we can keep up this momentum. I doubt it. I think what we need is some simple consolidation in this area for everybody to get used to these higher prices.
Carsten Fritsch, precious metals analyst at Commerzbank, highlighted that the price premium between gold and platinum hit a record high on Friday with“We consider the price weakness in platinum and palladium to be unwarranted. There is catch-up potential for both precious metals, as indicated by yesterday's price increase of just under 4% for platinum and 4.3% for palladium. The low price level is likely to lead to further production cuts and thus tighten supply.
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