PEAK ASSET: MORNING WRAP 21 SEPTEMBER: | ASX to slide | Wall St volatility expected to rise | ASX silver plays are flying… and analysts say there’s more upside to come |

A happy Rosh Hashanah (New Year) to all our Jewish friends for Friday night and may this year be a sweet one for you!

It was certainly a busy week last week @PeakHQ with the success of ICI, MRQ and today we have 3 Zoom calls with management of ASX listed companies, as we look out for the next winning deal!

Across Markets…

Australian shares are poised to start the week lower as the tech selloff extended another day in New York.

The death of Ruth Bader Ginsburg, and the fight to name her successor, could encourage further de-risking by investors as the 2020 US elections come into far sharper focus.

ASX futures were down 36 points or 0.6 per cent to 5836. The currency slipped.

On Wall Street, the Dow slid 245 points or 0.9 per cent. The S&P 500 and the Nasdaq each lost 1.1 per cent. All 11 of the S&P 500’s industry groups closed the session down, led by real estate, utilities and materials.

Apple slid 3.2 per cent to fall to its lowest since late July. The iPhone maker’s shares have tumbled 22 per cent since touching a record high in early September. Alphabet, Amazon and Microsoft each fell at least 1.2 per cent.

“So far, this September is proving true to form,” said Scotiabank’s head of capital markets economics Derek Holt, pointing to “narrative shifts and amplified market risks”.

The SPI is down 36 points this morning.

ts this morning.

Source: Bloomberg

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ASX small caps with a focus on silver or with silver in their portfolios have being having a remarkably good time as prices have increased more than 40 per cent since the beginning of this year to more than $US27 ($36.90) an ounce.

The other precious metal has outstripped the gains made by its better known counterpart, which has risen just 24 per cent in the same period.

And it is likely to grow further with Canadian Bank analysts upgrading their silver forecasts for the rest of the year into 2021.

The bank expects silver to average $US28/oz in the fourth quarter of 2020 and $32/oz in 2021.

It also expects further weakness in the US dollar as another factor support silver and gold prices.

Wealth Within chief analyst Dale Gillham believes the precious metals are very safe, long-term investments and will likely continue to keep rising – albeit at a more modest rate – until the middle of next year.

“That said, if the stock market falls heavily again, anything is possible,” he noted.

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