After silver fell nearly $2.50 from its highs in Asian trading last night, it bounced right off its important $27.50 level, twice this morning. It will be interesting to see where the silver price rests and the end of the day.
As the SILVER BULL MARKET continues on its ever-increasing upward trend, what does the 50-year long-term silver chart reveal?? Let’s just say, some of the indicators are pointing to much higher prices. And, if we include the lousy economic and financial fundamentals being propped up by massive Fed and central bank stimulus, it seems like there will be even more investor demand for gold and silver in the future.
The silver price hike has been fueled by its inherent safe-haven status, fears of inflation, remarkably low interest rates and continued liquidity boosts by central banks. The jump in price reflects renewed interest by both retail and institutional investors in silver as an investment vehicle.
Amazingly, it seems that day has finally arrived. As not only has gold broken through $2,000 per ounce, but now wholesale silver continues to be difficult, if not completely impossible to find. Which Andrew Maguire of Kinesis Money joined me on the show to discuss.
Now, I have not gone raving silver bug on you. The title says “silver bull” because that is what silver is in, a bull market by definition of having taken out the 2016 high of 21.23. We targeted that point as a cyclical bull market gateway, silver cut through it like a knife through warm butter… and there you have it. A key higher high. I don’t apologize for any of the above. It is fact.
Even despite the recent run-up in price, investors continue to buy silver.
They’re buying silver in the ETFs like SLV, and precious metals dealer Andy Schectman of Miles Franklin reports that his customers are doing the same with physical.