Bob Kirtley: The euphoria that heralded the summer rally in silver prices has now dissipated and is as good as dead as silver prices drift lower. Silver made a valiant attempt to breach the $25.00 level in August but could not maintain its momentum and has since drifted lower to trade at around $21.00/oz today. Its big sister, gold, has also ran out of steam having peaked at around $1420/oz, it is now struggling to get above $1300/oz level.
Since the heady days of almost $50.00/oz, silver has suffered through a number of false dawns with this summer’s effort now sadly joining that list of failed attempts to rally and challenge old highs.
We are aware that the demand for physical silver is alive and well and needed for such industrial purposes as solar panels and that various mints around the world are from time to time sold out of their offerings of silver bars and coins for investment purposes. We are also aware of the paper market, as represented by the COMEX, frequently suffers from sellers who dump large amounts of paper contracts at odd times throughout the trading day, thus sending prices lower.
We can shout about this situation all day long but we do not have the power to change it and investing against it has been a disaster for some. As gold and silver bulls we need to recognize that nothing goes up in a straight line and that there are bumps along the way. This current bull market in the precious metals sector is going through a downturn, a bear phase within a bull market if you wish. This year alone silver has fallen from around $30/oz at the beginning of 2013 to around $21/oz today, that’s a 30% loss in value, so silver now requires a 50% increase in the price to get it back to the $30/oz level. This is not impossible, but at the moment it is a big ask for any commodity.(...)Click here to continue reading the original ETFDailyNews.com article: The Trend Is Still Downward For SilverYou are viewing an abbreviated republication of ETF Daily News content. You can find full ETF Daily News articles on (www.etfdailynews.com)
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here