Silver Daily Price Recap
The choppiness in the recent daily price action of Silver continues; to start today, it came in at a price of 27.23 US dollars, down 0.02% ($0) since the previous day. Relative to other instruments in the metals asset class, Silver ranked 2nd since the previous day in terms of percentage price change. Let’s take a look at the daily price chart of Silver.
Silver Technical Analysis
Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 15 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
Overheard on Twitter
For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to Silver for the past day were:
- From effective_k:
@ContrarianMoves @GarrettGoggin Valuation of miners. Eg miner producing at AISC of $14/ounce makes $2/ounce profit at $16/ounce , Vs $10/ounce at silver price of $24. Miners have increase but more to come
- From GarrettGoggin:
The average Silver price so far 3Q20 is $24.52/oz. This is 50% higher than average $16.35/oz in 2Q20. Market does not have this priced in.
- From silverquote:
Hong Kong #Silver #Price Morning Session Open: $27.07 USD per oz 2020-09-16 08:30:18 HKT
As for a news story related to Silver getting some buzz:
Industrial metals are dependent on more fiscal stimulus and a global economic rebound, yet increasingly vulnerable to normal stock-market mean reversion,” wrote McGlone in the latest monthly commodity update. For silver to outperform gold on a continuous basis for the rest of the year, the market will have to see a combination of rising bond yields, a peak dollar, declining stock-market volatility and continued global economic expansion….“If stock prices decline, gold’s upper hand should accelerate as base metals come under pressure.” Moreover, the gold’s bull rally is just beginning, noted the report.