Silver Daily Price Recap
Silver’s 4 day positive streak has officially concluded, as the candle from the previous day closed down 0.78% ($0.18). Out of the 5 instruments in the metals asset class, Silver ended up ranking 3rd for the day in terms of price change relative to the previous day. Here is a daily price chart of Silver.
Silver Technical Analysis
Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to view things another way, note that out of the past 30 days Silver’s price has gone up 21 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!
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 nbrookie:
@dreaming4777 @susieqlibrary @ClayHarned @SantaSurfing @JMBullion I would suggest if you want to buy-is what you can afford now after all expenses are paid. Granted the NESARA event will value gold/silver as many believe higher prices-the gold/silver price set is the unknown. So maybe few oz week by week until the currency reset value is out.
- From LeopoldHeinrich:
@BurggrabenH @2020Upstream A bank ( e.g. Deutsche, Goldman…. only a few selected banks qualify) takes a silver loan from a Central bank or an ETF fund, sells it on the market ( thus depressing the silver price) and buys US Treasuries to finance the interest on the silver loan.
- From TOzgokmen:
@GoldTelegraph_ My sense is that silver price is transitioning from being an industrial metal (gold/silver = 100) to being a precious metal (gold/silver = 20). Investors started smelling the end of fiat currency and crypto is unproven, so everybody is hedging current trends with gold & silver.
In terms of news links for Silver here’s one to try:
The Silver Spot Price is the current silver market price at which silver can be transacted in volume on the wholesale silver market for immediate delivery and short-dated settlement. By convention, the Silver Spot price on the wholesale silver market is quoted in US dollars per troy ounce and the quotation refers to two-way bid and offer quotations for a standard amount of silver in the range of 100,000 troy ounces to 200,000 troy ounces which are quoted by silver market makers during silver trading hours….The silver trading unit in the London Silver Market is one troy ounce of 99.9% silver purity….As trading volume in these silver contracts is huge, COMEX is one of the silver markets, along with the London OTC Silver Market, which dominates international silver price discovery….In addition to silver futures trading on the COMEX, silver futures contracts are also traded on a number of other futures exchanges around the world, and these other trading venues also support price discovery of the silver price….Since the two most important silver markets in the world for price discovery, the London OTC Silver Market and the COMEX futures market, trade in terms of US Dollars per troy ounces, the silver price is usually quoted in US dollars per troy ounce….In the physical silver markets, product pricing of silver bars and silver coins reflects the spot price of silver plus a premium.