Here's a nice little chart from Kitco. Silver bounced almost fifty cents about 8:30 am in a sharp move upward, almost hitting $23.10 USD, then falling back below $23 before suddenly jumping back up above $23 spot. I searched the internet for clues as to why this happened but could not find anything to explain this move. At last check, the spot price was at $23.02.
Silver, for the most part has been averaging about $25 per ounce since the summer of 2020 when silver jumped from about $13 to just under $30 by August. If anybody out there bought at the bottom in March and sold in August, they would have easily doubled their money. As of today, silver is still $2 below this average. Could it finally be showing signs of life?
Graphs courtesy of www.kitco.com.
The average for the previous three years going back to December, 2016 is about $17.50 per ounce. From that point of view, silver is up $5.60 USD. Silver HODLers have been waiting a long time for redemption. Everybody seems to know silver is going to go to new highs but no one knows when this will happen. In this game, patience is virtue.
I'll be keeping an eye out to see if anything comes up that could explain today's price actions and add an update later. This is a weird but interesting move. It went up instead of down, so as an investor, I can complain.
Wishing all my visitors happy holidays and a safe and happy new year!
Update: December 28,2021...
It looks like this may be related to China's Evergrande property developers. They've already defaulted on an $80 million USD payment in the last month and today, it appears they are set to default on a $250 million payment. Next April, a $1.2 billion payment will come due. From what I understand, the CCP has told the company to keep building / developing their projects and basically, to nevermind those pesky interest payments and focus on keeping the money in China. This is serious stuff!
It appears that yet again, my favorite precious metal, silver, has given us an indication ahead of time of something foreboding. We'll see what happens as the day progresses.
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