Is Now The Time To 'Buy The Dip' In Silver?

Gold last traded at $1,778 an ounce. Silver at $27.24 an ounce.

NEWS SUMMARY: Precious metals see back-to-back gains on bargain hunting and continued weakness in the U.S. dollar. U.S. stocks get slight boost after Treasury Secretary Janet Yellen pushes for more stimulus.

FX Empire--"In February silver took center-stage, rallying over 13% to hit $30 an ounce for the first time since 2013. That's silver's biggest one-day move since 2008.

Every explosive rally, is always followed by healthy profit-taking as seen towards mid-week. Silver was already traders' favorite last year as the precious metal rallied nearly 60%.

A combination of greater safe-haven demand, ultra-low real yields, as well as a stellar rebound in China's economic activity in 2020, boosted both investment and industrial demand for the precious metal.

Goldman Sachs see silver prices rising to $33 an ounce in 2021 as U.S. President Joe Biden moves forward with his ambitious renewable energy plan.

Silver is a key component in two major technologies, which form President Biden's renewable energy plan - Solar and 5G. Based on our proprietary research, photovoltaic demand for silver could exceed 3000 tonnes in 2021, while the 5G rollout - which is only just beginning - will be a major driver of demand for years to come.

Precious metals are starting to attract a lot of attention - on a scale not seen since the global financial crisis, but silver is the metal to watch closely."