Is $65/Ounce The New Floor for Silver?
The price of silver is down from its higher peaks at around $80/ounce, but I don't think it's time to worry. Despite the fluctuation we've seen, the price seems to be holding relatively steady. I'm hoping this indicates a new price floor of around $65/ounce.
(Created with Bing)
The price has been bouncing around all week, but there seems to be enough demand at $65/ounce to keep it from falling further. That situation could change, but it's at least promising. Here's what the price action has looked like just in the last 24 hours.
(Source: Kitco)
Here's a 30 day look at what silver price has been doing.
(Source: Kitco)
You can see the overall downward trend, but I think we've hit a more stable price range for now. I still think silver hasn't seen its peak yet, but until things calm down with the conflict in Iran, I wouldn't be surprised if we hover in this price range for the next few months. Nobody truly knows what will happen. You can either time your purchases as best you can, or dollar cost average and not worry about the day-to-day fluctuations.
Whichever way you go, keep in mind that stacking is a long game. For all anyone knows, we could be in this holding pattern for a year or multiple years before we see another price spike. Plan accordingly, and don't put in money hoping to make quick gains. Silver is a store of value and not a stock, but it'll preserve your wealth through turbulent times.
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I think this is temporary as certain countries stood by the market sidelines and sold for liquidity to pay their war and gas bills.
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That and I think a lot of people were distracted by the easy profits from oil price volatility. I'll all pass eventually.
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