Technical Analysis

Last week, the price moved up over 7% on 2 separate trading days.

The price of spot silver is currently trading up 7.0% at $24.36. That is up $1.60 on the day percent. Recall that last week, there was 2 days where the price moved 7% or more on each.  The price is currently trading at the highest level since the end of August 2013.

Looking at the daily chart, the high price back in at 2011 reached $49.80. The low price was reached on March 16 of this year at $11.64. Although the gain from the low  close is a whopping 110% (and for the year up about 70%), relative to gold which just reached its all-time high today of $1945.72, silver is still around $25 (or equal to its current value) away from its all-time high. This may be spurring on the buying of late.

In addition there has been a large influx of Robin Hood retail traders who have cloud into silver ETF’s recently.

Other chatter that supports the rise in silver ranges from Biden becoming president and leading to a greener environment which may include more alternative fuel sources including solar which apparently requires silver in producing.

PS. Bitcoin today also surged. It is up 12.43% or $1196 to $10,826. The high price extended to $10,944.23. The low price was down at $9850.41

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