February 2, 2021
Silver futures and ETF prices tumbled on Tuesday, giving back much of the gains made over the prior few days, as it seems the attempted short squeeze in the silver market by retail traders has quickly lost momentum.
The move in silver dragged down gold, where April gold futures lost more than $26 or 1.35%. Silver futures tumbled roughly 10% to trade near the $26.50 level.
Silver’s monstrous pullback from Monday’s eight-year high of $30.35 in the March futures suggests a failure by retail traders to maintain a short squeeze. The big jump in silver futures caught the attention of the Commodity Futures Trading Commission (CFTC), with acting Chairman Rostin Behnam stating that the futures regulator is “closely monitoring” the activity.
Silver ETFs Fall on Strengthening Dollar, Biden Stimulus Release January 15, 2021
Gold and silver futures prices fell on Friday, prompted partly by a strengthening U.S. dollar index and dipping crude oil prices.
While gold fell 1.35% to roughly $1825 per ounce, silver was hit especially hard, dropping over $1 an ounce to breach $25, hitting a low of $24.61 an ounce. The move dragged silver ETFs lower as well, with the
In addition to the rallying dollar, President-Elect Joe Biden’s stimulus plan was revealed, driving stock markets globally lower on Friday, as it appears markets internalize higher personal and corporate taxes under the Biden administration.
Silver ETFs Strengthen into Year End, With 2021 Looking Bullish December 30, 2020
As the year comes to a close, precious metals and metals ETFs have take a well-deserved breather after a solid performance in 2020. Gold, silver and platinum continue to stay in uptrends, despite falling from their ultimate highs, but have been in consolidation for several months now.
One of the most promising metals of the group is silver, which is up 1.38% Wednesday, to trade at $26.58 an ounce.
With inflation likely a factor in the coming years, silver and gold are poised to benefit. Unlike paper currency and stocks, physical precious metals such as gold and silver are more insulated from inflation because they derive their value differently than paper currency. In addition, a combination of industrial demands for the metal and a preoccupation with safety could bolster silver, according to recent comments from analysts.
December 22, 2020
After finding support near the $22 per ounce level late last month, silver rallied more than 20% throughout December to reach over $27.50, before pulling back to the $25 area on Tuesday.
The industrial metal is down over 3.29% on Tuesday, dragging down the
iShares Silver Trust (SLV) a similar percentage, as the holiday week continues, but could present an opportunity for precious metals buyers who foresee a run higher.
According to Christopher Lewis of fxempire.com, there could be significant support for silver as it potentially makes its way above the $30 per ounce level.
“The market has recently broken out of a four dollar range, and therefore it would extrapolate towards a move near the $32 level. Obviously, there are a lot of resistance areas between here and there, so that is a longer-term call more than anything else,” Lewis wrote.