What did that do for silver prices? Here is the “before” story as told by SLV, the unleveraged silver ETF that trades on US markets.
(credit Fidelity.com)
As you can see, silver has been trading in a very narrow band for the past several weeks. In this case the trading range – running between opening and closing prices, so excluding a few intraday “excursions” – runs from 15.69 to 16.05.
Then comes last night’s kerfuffle, and silver responds like this –
The iShares Silver Trust (SLV) rose $0.23 (+1.46%) in premarket trading Tuesday. Year-to-date, SLV has declined 0.00%, versus a 16.60% rise in the benchmark S&P 500 index during the same period.
SLV currently has an ETF Daily News SMART Grade of C (Neutral), and is ranked #9 of 33 ETFs in the Precious Metals ETFs category.
About the Author: Mike Hammer
For 30-plus years, Mike Hammer has been an ardent follower, and often-times trader, of gold and silver. With his own money, he began trading in ‘86 and has seen the market at its highest highs and lowest lows, which includes the Black Monday Crash in ‘87, the Crash of ‘08, and the Flash Crash of 2010. Throughout all of this, he’s been on the great side of winning, and sometimes, the hard side of losing. For the past eight years, he’s mentored others about the fine art of trading stocks and ETFs at the Adam Mesh Trading Group.