Friday, August 16, 2013

Silver up on High Volume

Silver has been the star performer (along with copper) for the past 6 days. From what I'm reading, no one (once again) quite knows why. Safe-haven? So why isn't gold going gang-busters? Egypt? Maybe. Good news in China? But who believes that. Someone bougth a large amount of silver today (see article below). So what now?

So what caused the rally today? A good question today is, "what caused the rally?"  My answer - I have no idea.  There was no news event that triggered this move that I could see.  After trading all day in asia and london around the 22 level, silver was hit for a 30 cent loss after a deluge of economic releases starting at 0830 EST, but then recovered slowly back to even.  Then someone started buying silver futures, starting at 12:47 EST, and continued buying them until the massive spike at 13:11 that resulted in 306 tons of (paper) silver changing hands in one minute, silver moving from 22.80 to 23.19 on that final spike.  From what I could tell, gold appeared to be reacting to silver's move.  Various news articles suggest it was some sort of "safe haven" move (if true, gold should outperform silver) but honestly, I think someone with some pretty deep pockets decided to "buy the breakout" as silver moved above its previous high for the day (21.16), and then every time there was a pause, they bought again, and this happened until silver hit 22.80 when the last batch of shorts gave up and the biggest spike occurred....see more

Gold in New Zealand dollars: $1693.44 per oz
Previous all-time high: $2311.02 per oz (15 Nov, 2011)
Low since previous high: $1532.30 (28 June, 2013)

Silver in New Zealand dollars: $28.52 per oz
Previous all-time high: $59.19 per oz (30 Apr, 2011)
Low since previous high: $23.51 (28 June, 2013)

The Anglo-Far East Company
AFE is the gold bullion custodial provider of choice for the sophisticated investor,
families, and institutions that require the highest level of discretion, competence,
safety, and service. Your reference when you order: an-001

Go More Raw Seven Day Raw Food Mix and Match Program

Raw food can be interesting, satisfying and taste fantastic. The big bonus is the
optimum nutrition in raw food. For seven days you can put raw food to the test
and you could be pleasantly surprised.

No comments:

Post a Comment