Silver--Time to Get Excited?
Maybe? I love the long tail/wick at the bottom of Friday's candle. I don't watch the silver market, but I can see from the daily chart that the buyers, stepped in to buy around the 14.50 level. The collective thinking of the buyers at that price level, was one of being able to see good value of taking positions on the long side. I would agree. The price then rose from that level to what we see now. Say one dollar of gain, more or less. Depending on your price level entry.
Have we seen the bottom of the silver price? No one knows the answer to that question. I just like what I have seen so far.
You may think otherwise.
Here are the numbers from the CME Group Globex that I have copied for you from Friday's silver price action:
SEP 2017 SEP 2017 Show Price Chart 15.560 -0.423 15.983 16.025 16.140 14.340 152,802
"18.425 / 12.425--Hi/Low Limit" These numbers to the left show what the CME Group considers to be a normal market.
Anything beyond that, could trigger a market "halt" for a short time. That is my understanding. I could be wrong.
16:38:23 CT 07 Jul 2017
15.560----closing price
-0.423-----price change
15.983----prior settlement
16.025----open
16.140----high
14.340----low
152,802--volume
For anyone interested in silver. I hope that this give you a little more insight in the silver market on a "daily basis."
This is not trading advice. I am only a market watcher, just as you may be. You could have even more insight than I have.
If you do, you can give us your opinion in a reply below. All comments are welcome.
Thank you
Francis
I just had to dash out and grab another 10 OZ. bar!This price is a gift if you ask me.
@tbnfl4sun
What you say is true. Especially in relationship to gold. The gold price vs the silver price, has a ratio that cannot last.
Here is a good chart comparison to show historical records, going back to 1915.
http://www.macrotrends.net/1441/gold-to-silver-ratio
Now, we know that anything can happen in markets. Silver could drop in price even more.
But, we who follow markets, like probabilities. Actually, we like high probabilities.
And my thinking, based on historical records, tells me that the present conditions of the gold/silver ratio spread cannot last.
Of course, timing is always another question. One that is not easily answered.
I believe, as do many others, think that silver is at a good price point for stacking. The downside risks are limited.
No one believes that silver will go to zero in price. So, around $15 dollars, vs the price of gold, say at $1,200 dollars.
I have to like the odds of price gain for silver over the next few months/years.
Thank you for your reply and upvote. I appreciate it.
Francis
Won't last this long at all. Their is going to be a big up tick in this market when stocks and bonds begin to crash. A wise investment to have for a long time.
@dwolfe
While I love the idea of cryptocurrencies. Steemit in particular. In my way of thinking. Silver is just as good. Maybe better. There is only so much silver to be mined on our planet. And unlike gold, it is being used up and disappears everyday. So, even if we as stackers, don't ever use a lot or even any of our silver in our lifetimes.
It can be considered "generational wealth." At some point in the future. There will be two classes of people.
Those who have silver and those who do not. I don't want to be in the group of those who do not have any silver.
There are so many uses for silver, I won't even try to name them here. Such as being born, "with a silver spoon in their mouth." For us today, we know that silver nanoparticles is a broad-spectrum bactericidal element. And the uses of silver in solar, electronics and in jewelry. Just to mention something of note.
Yes, I have to agree. Everyone should have some silver. Even if only a few silver coins. Who knows what the future holds for us. The saying has always been. "I want enough silver and gold to bribe the border guards." Ha
Silver is to be held as wealth. Not to trade. Trade the ETF's if you want. Or the futures, which I don't recommend.
Thank you for your comment. And thank you for your upvote. Anytime someone gives me an upvote, I try to respond in kind. If they have a recent post of their own making at their blog. I will upvote that. If that isn't possible, I will give an upvote to the reply. I try to reward those who come to my blog, and enjoy my work enough to give my work an upvote.
Francis
Silver could go to 40 if the fed stops raising rates.