Calling the price of silver a roller coaster would be an understatement.
All you need is to look at a 60-day or 6-month price chart, and you’ll see exactly what I mean.
In fact, even the past week can make seasoned silver investors nauseous. It’s been a bumpy ride, and it’s not over. On June 7, the price of silver was trading as high as $17.60. By last Tuesday, it had fallen all the way to $16.80.
The price of silver today is down another 0.63% to $16.58.
Although silver has lost ground to gold in the last few days, a glance at the price chart shows we may already be at support, bolstering the case for a return to upside price action from here.
On Thursday, the dollar got its second wind, powering from 97 to 97.50 within hours. That was enough to squash silver, and it opened at $16.74. As the DXY stabilized, so did silver, which closed barely lower at $16.73.
Friday morning’s profit taking in the dollar supported silver in early morning trading, but it only managed to open at $16.74. From there, even with a retreating DXY, silver weakened to $16.68 by midafternoon.
Now that we know how the price of silver has been trending this past week, here’s where I see it going from here…
Here’s What’s Next for the Price of Silver in 2017
Join the conversation. Click here to jump to comments…
About the Author
Browse Peter’s articles | View Peter’s research services
Peter Krauth is the Resource Specialist for Money Map Press and has contributed some of the most popular and highly regarded investing articles on Money Morning. Peter is headquartered in resource-rich Canada, but he travels around the world to dig up the very best profit opportunity, whether it’s in gold, silver, oil, coal, or even potash.
… Read full bio