Silver (XAGUSD) Down $2.04 in Last 4 Hours, And A Link About Investment Not Industrial Demand Future Driver Of Price; Makes Big Move Relative to Past Month

Silver Daily Price Recap

Silver is down 7.6% ($2.04) since the day prior, marking the 4th day in a row a decline has happened. Those trading within the metals asset class should know that Silver was the worst performer in the class today. Below is a daily price chart of Silver.

XAGUSD

Silver Technical Analysis

Notably, Silver crossed below its 50 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For another vantage point, consider that Silver’s price has gone down 7 of the previous 10 trading days.

Overheard on Twitter

Behold! Here are the top tweets related to Silver:

  • From DesoGames:

    SO. What does this mean for the coming week in #Gold and #Silver?Silver price: No clue. AGAIN, until somebody goes and checks the COMEX’s books we’re pretty much left to the whims of JPM and the market in general. It’s looking Ugly in Tech the coming week, so dragged down it is

  • From Northst18363337:

    @LegalNonAlien Gold/silver price behaviour were recovering from the shock of the removal of the gold standard in the 1970’s. The first big jump you highlight, later settles into the arc formation. The main point is that, wherever we eventually end up in 10 yrs time, it will be multiples higher.

  • From StarlingHunter1:

    @badcharts1 Informative as always, Patrick. Just want to make sure Im reading it correctly. Both the black and red lines are labeled “Silver Volatility” but I think the red is actually silver price and only the black one is volatility? But maybe I’m missing something?

For a longer news piece related to XAGUSD that’s been generating discussion, check out:

SILVER UPDATE & Why Investment, Not Industrial Demand Will Be Main Future Driver Of Price – SRSrocco Report

In my YouTube update, Silver Update & Investment Not Industrial Demand Future Driver Of Price, I provide a brief silver market price update followed by why I believe silver investment, not industrial demand, will be the leading driver of the future price.  I include a new chart comparing silver industrial demand versus investment demand….However, while I do provide a short silver price update, I did a recent VIMEO video for Silver-Gold Members, including 11 charts on the silver-gold prices and the U.S. Dollar Index: I see physical silver investment demand surpassing industrial demand in the future, pushing the silver price up to very high levels.