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)
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