Silver Price Stalls And Falls To A New Low In 2019

March 2, 2019

London (Mar 2)  Silver is a precious metal that attracts lots of speculative activity. Rallies to the $50 per ounce level in 1980 and 2011 are always reminders that the silver market can double, triple, and halve in value over short periods offering market participants fantastic gains. While huge moves of the magnitude witnessed in 1980 and 2011 do not occur all that often, the potential for explosive or implosive periods is an ever-present motivation for those who thrive on price action in markets.

The last low in the silver futures market on COMEX came in December 2015 at $13.635 per ounce. Silver has not ventured below the $10 level since 2008. The recovery that followed the 2015 bottom took the price over 50% higher to $21.095 per ounce less than one year later in July 2016. Since then, silver has made a series of lower highs and lower lows leading to its most recent bottom which was just 22.5 cents above the 2015 bottom. Since mid-November when nearby COMEX silver futures hit $13.86, the price has been recovering. In January 2019, it traded above the $16 level for the first time since July 2018 which was a sign that a recovery is underway that has the potential to reverse the bearish trend in the precious metal. However, it is always a wild ride with lots of twists and turns in the silver market.

SeekingAlpha

Silver Phoenix Twitter                 Silver Phoenix on Facebook