Top Stories This Week: Expert Calls for US$50 Silver, Paladin Offers C$1.14 Billion for Fission

Strength in the US dollar briefly pushed the gold price below US$2,300 per ounce midway through the week, but the yellow metal soon bounced back, finishing Friday (June 28) at the US$2,325 level.

The latest US Personal Consumption Expenditures (PCE) price index data came out that day, and it shows that in May core PCE was up 0.1 percent month-on-month and 2.6 percent year-on-year — in line with expectations.

PCE is the US Federal Reserve's preferred measure of inflation, and can help shed light on its interest rate plans.

“The lack of surprise in today’s PCE number is a relief and will be welcomed by the Fed,” Seema Shah, chief global strategist at Principal Asset Management, told CNBC after the new numbers were released.

Even so, the Fed's path forward isn't yet clear. "A further deceleration in inflation, ideally coupled with additional evidence of labor market softening, will be necessary to pave the way for a first rate cut in September," she added.

Currently CME Group's (NASDAQ:CME) FedWatch tool shows about a 58 percent likelihood of a cut in September.

Silver continued to trade below US$30 per ounce this week, although some experts believe the white metal has much further to go. The Investing News Network recently heard from Chen Lin of Lin Asset Management, who explained that it could move quickly to US$50 once market participants realize how large the divide between supply and demand really is.

Here's how he explained it:

"My point is once investors see the huge deficit, they see truly the huge deficit in silver, silver will go to US$50 just like that — just in a heartbeat. So I hope while you're enjoying the summer you don't miss one of the greatest runs of silver" — Chen Lin, Lin Asset Management

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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

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