Silver prices continued falling overnight following the big sell-off on Friday. The intra-day low of $17.325 in the active December futures contract represents a level last seen in the spring of 2010 when the market held either side of $17.25. Recent data released by the CFTC shows a dramatic increase in speculative short positions in silver, which raises the possibility of a “major league” short covering rally, but if the shorts are correct another percentage drop like we have recently seen in silver prices would indicate silver is headed for the low to mid $15.00s.
This morning finds base metals are also under pressure which frequently impacts the direction of silver. With speculative selling in gold not nearly as heavy as it is in silver, the increase in physical demand has been able to support prices and keep us above $1,200.00. On the technical side gold should find support at $1,185.00 while resistance can be expected at $1,225.00. Platinum and palladium continue to see long positions being liquidated while physical buyers who have been on the sidelines have begun to reenter the market.
© Copyright 2021 ModernCoinMart (MCM). All Rights Reserved. MCM does not sell coins and numismatics as investments, but rather as collectibles.
Please review MCM's
Terms and Conditions,
Terms of Use and
Privacy Policy
before using this website and prior to purchasing from MCM. All website content is for reference use only and does not constitute investment,
legal or financial advice. We encourage the sharing and linking of our information but reproduction of our news and articles without express
permission is prohibited. Instead of reproducing, please provide the link to the original article or use the share buttons provided.