Silver came close to breaking a key low on Friday and an Iran deal could exacerbate the oil surplus.
Silver Close to $15/Ounce
US silver finished the day at $15.39 per ounce on Friday and it flirted with numbers close to $15 several times in the trading day.
It is currently trading at $15.62/ounce.
Iran Deal Could Add to Oil Surplus
Any nuclear deal between Iran and six world powers loosening sanctions against Tehran has the potential to flood an oversupplied oil market with more fuel. Other commodity sectors such as cement and steel would see a rise in demand as Iran works to revitalize its economy. Officials said on Sunday they were close to a deal that would bring sanctions relief in exchange for curbs to Tehran’s nuclear program.