(Silver chart - courtesy of www.kitco.com)
While not much of a surprise anymore, a new variant of Covid19 has been detected, initially called 'Nu' but now known as the Omicron variant, first emerging in South Africa. Markets were experiencing volatility this morning as a result. Gold initially spiked about $20 but quickly came back down yet is holding well close to the $1,800 level. Silver on the other hand, took a tumble. Again, not a surprise since silver is traditionally more volatile than its yellow cousin.
According to a ZeroHedge article published today, today's selloff in the markets is the worst 'Friday' selloff in 70 years while oil tumbled more than 10%. This has happened only 14 times in the last 3 decades and should bring a little break in prices at the gas pumps over the next few days.
Turning back to silver. Does the dip in silver present a buying opportunity? The chart above suggests it does. The spot price for one ounce of silver has come down about 50 cents in the last 2 days. It may go down a bit more but silver is a hedge against inflation and uncertainty and we are experiencing both at the same time. With the US government facing a hard stop on December 3, expect volatility to increase.
Now might be a good time to get in on silver before the inevitable 'big rush' into the sector and prices shoot higher, locking the procrastinators out altogether. We'll likely never see low silver prices like this ever again.
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