• Gold: 1,500.09 -2.57
  • Silver: 17.09 -0.05
  • Euro: 1.109 0.000
  • USDX: 98.149 -0.134
  • Oil: 55.29 -0.58

What About Silver?

7 hours 9 min ago

I would like to take an in-depth look at Sliver and show you the bottoming process that finally came to an end in late May of this year. There is no question that silver as been the laggard when it comes to the PM complex similar to what we saw back in the early 2000’s when gold led the way for the rest of the PM complex. Silver eventually caught fire and actually topped out in April of 2011 a full five months before gold and the PM stock indexes. If you’ve been trading silver for any length of time then you know when it moves it can make up lost ground in a hurry. Since the early 2016 low SLV has been trying to bottom around the 13 area. Every time it would find support and rally higher SLV could never maintain its impulse move higher. Below is a one year daily chart for SLV which shows a small double bottom that formed late last year and after reaching the double bottom price objective at 15.00 the price action declined once again toward the bottom of the previous lows. This time however SLV was able to find its low slightly above its 2018 double bottom low forming the blue bullish falling wedge.

July 10: Gold and Silver Edge Lower

Gold fell $10.80 to $1247.40 in London before it bounced back higher in New York, but it still ended with a loss of 0.21%. Silver slipped to as low as $15.905 and ended with a loss of 0.31%.

July 11: Gold and Silver Fall Over 1% as Dollar Jumps

Gold dropped throughout most of world trade and ended near its last-minute low of $1242.00 with a loss of 1.06%. Silver slipped to as low as $15.78 and ended with a loss of 1.62%.

July 12: Gold and Silver Gain with Stocks

Gold gained $6.30 to $1248.50 by midday in New York before it chopped back lower into the close, but it still ended with a gain of 0.39%. Silver rose to as high as $15.989 and ended with a gain of 0.89%.

July 13: Gold and Silver Fall Over 1% on the Week

Gold dropped $10.30 to $1236.80 at about 8AM EST before it rebounded in New York, but it still ended with a loss of 0.44%. Silver slipped to as low as $15.692 and ended with a loss of 0.88%.

July 16: Gold and Silver Close Barely Lower

Gold edged up to $1245.60 in Asia before it dropped back to $1238.40 in early afternoon New York trade and then bounced back higher into the close, but it still ended with a loss of 0.03%. Silver slipped to as low as $15.743 and ended with a loss of 0.06%.

July 18: Gold Erases Early Losses to End Unchanged

Gold fell $6.50 to $1221.30 in late Asian trade before it bounced back higher in London and New York, but it was unable to close with a gain. Silver slipped to as low as $15.394 and ended with a loss of 0.19%.

July 19: Gold and Silver Fall with Stocks

Gold dropped $16 to $1211.80 in London before it spiked up to $1228.70 in early afternoon New York trade after Trump said he’s “not happy” about the Fed raising interest rates, but it then chopped back lower into the close and ended with a loss of 0.4%. Silver slipped to as low as $15.177 and ended with a loss of 1.48%.

July 20: Gold and Silver Fall Almost 1% and 2% on the Week

Gold saw slight losses in Asia, but it then climbed steadily higher in London and New York and ended near its session high of $1232.10 with a gain of 0.65%. Silver rose to as high as $15.536 and ended with a gain of 1.24%.

July 23: Gold and Silver Fall with Oil

Gold fell $8.40 to $1222.40 in early afternoon New York trade before it bounced back higher at times, but it still ended with a loss of 0.47%. Silver slipped to as low as $15.355 and ended with a loss of 0.84%.

July 24: Gold and Silver End Higher in Mixed Trade

Gold fell $6.60 to $1218.40 in Asia before it rallied up to $1229.50 in late morning New York trade and then drifted back lower into the close, but it still ended with a gain of 0.02%. Silver rose to as high as $15.592 and ended with a gain of 0.65%.

July 25: Gold and Silver Gain with Stocks and Oil

Gold gained $8.90 to $1234.10 in early New York trade before it fell back towards unchanged by midday, but it then rallied back higher into the close and ended with a gain of 0.56%. Silver rose to as high as $15.628 and ended with a gain of 0.78%.

July 26: Gold and Silver Fall Roughly 1%

Gold drifted lower throughout most of world trade and ended near its late session low of $1222.50 with a loss of 0.75%. Silver slipped to as low as $15.389 and ended with a loss of 1.28%.

July 27: Gold and Silver End Slightly Lower on the Week

Gold edged up to $1225.40 in Asia before it dropped back to $1217.60 in London and then jumped to a new session high of $1227.20 by midday in New York, but it then drifted back lower into the close and ended with a gain of just 0.03%. Silver rose to as high as $15.534 and ended with a gain of 0.58%.

July 31: Gold and Silver Gain with Stocks and Bonds

Gold saw slight losses in London before it bounced back to $1223.10 in early New York trade and then dropped back down to $1214.20 by a little after 9AM EST, but it then rallied back higher for most of the rest of trade and ended with a gain of 0.27%. Silver rose to as high as $15.607 and ended with a gain of 0.26%.

August 1: Gold and Silver Fall With Bonds

Gold dropped $4.60 to $1220.00 in Asia before it rallied back to unchanged in London and then fell to a new session low of $1216.70 at about 11AM EST, but it then bounced back higher into midafternoon and ended with a loss of just 0.69%. Silver slipped to as low as $15.39 and ended with a loss of 0.9%.

August 2: Gold and Silver Fall Again

Gold gained $4.40 to $1220.50 in Asia before it dropped back to $1213.40 in London and then bounced back to gains in early New York trade, but it then drifted back lower into the close and ended with a loss of 0.58%. Silver slipped to as low as $15.288 and ended with a loss of 0.39%.

August 3: Gold and Silver End Slightly Lower on the Week

Gold dipped $4.40 to $1204.70 in Asia before it climbed up to $1220.00 by late morning in New York and then drifted back lower into the close, but it still ended with a gain of 0.36%. Silver rose to as high as $15.549 and ended with a gain of 0.59%.

August 6: Gold and Silver Fall Again

Gold dropped $6.10 to $1207.40 in London before it bounced back towards unchanged in morning New York trade, but it then fell back off into the close and ended with a loss of 0.49%. Silver slipped to as low as $15.29 and ended with a loss of 0.78%.

August 7: Gold and Silver Gain with Stocks

Gold gained $8.60 to $1216.10 by a little after 6AM EST before it chopped back towards unchanged by midafternoon in New York, but it then edged back up into the close and ended with a gain of 0.22%. Silver rose to as high as $15.485 and ended with a gain of 0.39%.

August 8: Gold and Silver End Higher in Mixed Trade

Gold gained $5.30 to $1215.50 in Asia before it dropped back to $1206.60 in London, but it then bounced back higher in New York trade and ended with a gain of 0.27%. Silver chopped between $15.454 and $15.283 and ended with a gain of 0.39%.

August 9: Gold and Silver Close Mixed

Gold dipped $2.60 to $1210.90 in Asia before it bounced back to $1217.20 in London and then dropped back lower in New York, but it ended with a loss of just 0.12%. Silver chopped between $15.367 and $15.503 and ended with a gain of 0.13%.

August 10: Gold and Silver End Slightly Lower on the Week

Gold dipped $6.20 to $1205.80 in Asia before it rallied up to $1217.00 by late morning in New York, but it then fell back off into midday and ended with a loss of 0.05%. Silver slipped to as low as $15.296 and ended with a loss of 0.78%.

August 13: Gold and Silver Fall Roughly 2%

Gold dropped $16.10 to $1195.30 in London before it bounced back above $1200 in early New York trade, but it then fell back off into the close and ended near its early afternoon low of $1191.80 with a loss of 1.49%. Silver slipped to as low as $14.974 and ended with a loss of 2.15%.

August 14: Gold and Silver Gain with Stocks and Dollar

Gold gained $5.30 to $1198.70 by late morning in New York before it chopped back down to $1192.20 by early afternoon, but then bounced back higher into the close and ended with a gain of 0.08%. Silver rose to as high as $15.107 and ended with a gain of 0.53%.

August 15: Gold and Silver Fall Roughly 2% and 4%

Gold drifted lower throughout most of world trade and ended near its late session low of $1173.20 with a loss of 1.63%. Silver slipped to as low as $14.367 and ended with a loss of 4.31%.

October 26: Gold and Silver Gain on the Week While Stocks Drop Nearly 4%

Gold gained $8.30 to $1238.60 in Asia before it dropped back towards unchanged in London, but it then shot up to as high as $1243.40 in late morning New York trade and ended with a gain of 0.3%. Silver waffled between $14.734 and $14.576 in Asia and London, but it then rose to as high as $14.766 in New York and ended with a gain of 0.55%.

October 29: Gold and Silver Fall with Stocks

Gold dropped $6.30 to $1227.70 in London and spiked down to $1224.50 in early afternoon New York trade, but it then rallied back higher into the close and ended with a loss of just 0.4%. Silver slipped to as low as $14.417 before it also bounced higher, but it still ended with a loss of 1.7%.

October 30: Gold Dips While Silver Gains

Gold dropped $9.10 to $1220.00 in London before it chopped back higher in early New York trade, but it still ended with a loss of 0.45%. Silver slipped to as low as $14.375 in London, but it then climbed back higher in New York and ended with a gain of 0.21%.

Silver, The SPX and Sanity

Silver prices peaked in 2011. The descent has been long and tedious. Perhaps silver prices made an important low on September 11, 2018, like they did on November 21, 2001 at $4.01. That long-term low was twenty cents below the price on September 11, 2001, the day the twin towers fell at free-fall speed, which marked the beginning of the silver bull market that launched prices upward by factor of 12.

October 31: Gold and Silver Fall Roughly 1% While Stocks Bounce Back Further

Gold fell $11.50 to $1212.10 by midmorning in New York before it bounced back higher at times, but it still ended with a loss of 0.55%. Silver slipped to as low as $14.249 and ended with a loss of 1.38%.

Silver Bottoming Almost Complete

See how the bottoms and tops of the respective charts line up. Last year, when the US Dollar index was in decline (between the two dotted red lines), silver failed to rise. This was also the case in 2002 (see between the two red lines). However, when the US Dollar continued into a deeper fall (after the two red lines), silver eventually started to rise significantly. The Dollar is currently making its last attempts to go higher, before we will see a major decline. When that decline starts (which is likely to be soon), the silver price will take off a big way.

November 1: Gold and Silver Gain Over 1% and 3%

Gold climbed steadily higher throughout most of world trade and ended near its midafternoon New York high of $1237.40 with a gain of 1.34%. Silver surged to as high as $14.818 and ended with a gain of 3.22%.

November 2: Gold and Silver Hold Near Unchanged on the Week

Gold chopped in a relatively tight range between $1229.90 and $1236.40 and ended with a loss of just 0.01%. Silver rose to as high as $14.908 and ended with a gain of 0.07%.

November 5: Gold and Silver Dip with Dollar Before Election Day

Gold gained $1.30 to $1234.40 in Asia before it dropped back to $1227.00 in London and bounced back higher in early New York trade, but it then drifted back lower into the close and ended with a loss of 0.21%. Silver chopped between $14.766 and $14.599 and ended with a loss of 0.75%.

November 6: Gold and Silver Continue Lower

Gold gained $5.40 to $1235.90 in London before it fell to as low as $1223.60 in early afternoon New York trade and then bounced back higher into the close, but it still ended with a loss of 0.33%. Silver slipped to as low as $14.486 and ended with a loss of 0.82%.

November 7: Gold and Silver Erase Overnight Gains and Close Mixed

Gold gained $9.50 to $1235.90 in London, but it then dropped back to as low as $1225.40 in New York and ended with a loss of 0.01%. Silver rose to as high as $14.718 before it also fell back off, but it still ended with a gain of 0.28%.

November 11: Gold and Silver Chop After Fed Statement

Gold dropped $6.10 to $1220.20 at about 8:45AM EST before it popped up to $1226.90 shortly after the fed’s statement, but it then chopped back lower into the close and ended with a loss of 0.2%. Silver slipped to as low as $14.385 and ended with a loss of 0.89%.

November 9: Gold and Silver Fall Almost 2% and 4% on the Week

Gold dropped $16.90 to $1207.00 by midday in New York before it bounced back higher into the close, but it still ended with a loss of 1.14%. Silver slipped to as low as $14.108 and ended with a loss of 1.8%.

November 12: Gold and Silver Fall with Stocks and Euro

Gold fell $5.90 to $1204.00 in Asia before it rebounded in London, but it then fell to a new session low of $1200.70 in New York and ended with a loss of 0.69%. Silver slipped to as low as $14.005 and ended with a loss of 1.13%.

November 13: Gold and Silver Hold Steady While Oil Slumps 7%

Gold saw decent gains in Asia before it dropped back to $1196.40 in London, but it then chopped back higher in New York and ended with a gain of 0.02%. Silver slipped to as low as $13.956 and ended with a loss of 0.14%.

November 14: Gold and Silver Jump 1%

Gold traded mostly higher in Asia before it dropped back to $1197.80 in London, but it then shot back up in New York and ended near its early afternoon high of $1216.30 with a gain of 0.85%. Silver slipped to as low as $13.894 in London, but it then climbed to as high as $14.19 in New York and ended with a gain of 1.14%.

Silver: Supported by D.C. and The Deep State

Silver is necessary for military, computer and medical applications. Investors often prefer silver bullion and coins because they don’t trust government, the Deep State or the Federal Reserve to protect the value of currencies. Investor demand for silver will rise as central banks and politicians lose credibility. Expanding wars will increase demand for silver. Rising energy prices will escalate mining costs. The price of silver has little downside risk and considerable upward potential, perhaps to triple digits within a few years.

November 15: Gold and Silver Gain with Stocks

Gold gained $4.30 to $1216.20 in Asia before it fell back to $1208.10 in London, but it then chopped back higher in New York and ended with a gain of 0.12%. Silver rose to as high as $14.347 and ended with a gain of 0.99%.

November 16: Gold and Silver Gain Nearly 1% and 2% on the Week

Gold jumped up to $1225.30 in midmorning New York trade before it pared back into midday, but it still ended with a gain of 0.71%. Silver rose to as high as $14.419 and ended with a gain of 0.84%.

November 19: Gold and Silver Gain While Stocks Drop

Gold fell $3.80 to $1218.10 in Asia, but it then rallied back higher in London and New York and ended near its early afternoon high of $1225.20 with a gain of 0.11%. Silver chopped between $14.35 and $14.44 and ended with a gain of 0.07%.

November 20: Gold Holds Steady While Stocks Drop 2% More

Gold chopped near unchanged in Asia before it climbed up to $1228.70 in London and then dropped to a new session low of $1220.00 by early afternoon in New York, but it then bounced back higher into the close and ended with a loss of just 0.07%. Silver edged up to $14.489 before it dropped back to $14.23 and then also rebounded, but it still ended with a loss of 0.69%.

November 21: Gold and Silver Gain with Oil

Gold saw slight losses in early Asian trade, but it then rose to as high as $1230.10 by midmorning in New York and ended with a gain of 0.24%. Silver rose to as high as $14.554 and ended with a gain of 1.12%.

Hands of a Broken Clock

There are times when every investor has to look long and deep into a mirror and determine whether a well-thought-out strategy is actionable or whether it is simply an ad hoc "hunch," barely worth chasing. With regard to silver, this is just one of those times.

November 26: Gold and Silver Hold Steady While Stocks Bounce Back

Gold gained $5.20 to $1228.00 in Asia before it chopped back lower in London and New York, but it ended with a loss of just 0.02%. Silver climbed up to $14.435 before it fell back to as low as $14.226 by early afternoon in New York, but it then bounced back higher into the close and ended with a gain of 0.07%.

November 27: Gold and Silver Fall Nearly 1%

Gold edged up to $1225.20 by a little after 8AM EST before it fell back to $1212.00 in early afternoon New York trade and then bounced back higher, but it still ended with a loss of 0.61%. Silver chopped between $14.305 and $14.098 and ended with a loss of 0.77%.