Why isn't silver moving?

[Lemon Thrower]

Gold and Bitcoin have made new ATHs this year.

Silver is up a buck in the last week but I believe is was in the high 27's a year ago and barely halfway to its 2011 high of $49 and 1980 high of $52.

Why isn't silver moving?

[pmbug]

Gold is moving because of foreign central bank and foreign (China/India) retail demand. Silver isn't seeing the same demand that gold is.

Last time silver and gold moved to ATH together, there was significant domestic demand. That isn't happening presently (yet?).

[68Camaro]

There are two questions in that - your implicit question is, why hasn't it moved to a new high? That's partly because the old high was so overly inflated. Other reasons include that the silver market is so small that it is a target of manipulation until such a point that demand literally can't be met, and we aren't quite there yet.

But the second form of your question, literally, is why isn't silver moving? The answer to that is - well, it is moving. Silver is up $3 in the past month, in round numbers that's 13%. Gold is up $200 in the past month - in round numbers, that's only 9.6%. Silver is, in the moment, moving faster than gold, which is it's normal in a bull market.

[Lemon Thrower]

I like how the market proves me wrong. Silver up a buck or buck fifty in the last 2-3 days now.

[franklin]

Just went over 27

[Cu Penny Hoarder]

Once it breaks above $30...

Bang, ZOOM!

[pennypicker]

Once it breaks above $30 and STAYS above $30 then it will get my attention after 13 years of drought......
....and by the way "The Honeymooners" the best sitcom of all time!

[Thogey]

Once it breaks above $30 and STAYS above $30 then it will get my attention after 13 years of drought......
....and by the way "The Honeymooners" the best sitcom of all time!

Do you plan on selling at 30?

[cwgii]

Wish that I had not ,,had,,to sell mine last month at 22.

[slvrbck]

Here we go again!

[Lemon Thrower]

Silver starting to move now - $28.36

[pennypicker]

Silver starting to move now - $28.36

Silver (and the Dallas Cowboys) will always break your heart. In recent years silver had made four runs at $30 and all ended up going nowhere but back to the low 20's again. However this time I hope it can breach $30 and stay there. $30 has been more than a "resistance" point and more like a "barrier"--time to finally break that barrier!

[Recyclersteve]

For anyone who thinks silver won’t bust through resistance at $30, you can always choose to sell short the SLV (silver) exchange traded fund. You could also buy puts or sell naked calls, but those are more sophisticated options strategies that most brokerage accounts wouldn’t allow.

So don’t feel helpless like there is nothing you can do about the situation.

P.S. The silver ETF is up 11.3% since this thread was created. That is pretty darn nice IMHO. So I don’t buy the premise that it isn’t moving.

[Lemon Thrower]

P.S. The silver ETF is up 11.3% since this thread was created. That is pretty darn nice IMHO. So I don’t buy the premise that it isn’t moving.

Lol I created the thread and I did note that it is now finally moving. But there was a significant lag between Bitcoin's move, Gold's move, and then finally silver's move. The former have even hit ATH's this year; silver has yet to do so.

Silver always responds a little slower than gold but this time it was a lot slower.

I might take some profits here and switch into Bitcoin.

[pmbug]

Two somewhat recent reports (bold is mine):

...
While technicals are turning bullish for silver, Daniel Ghali, senior commodity analyst at TD Securities, said he expects fundamental factors will create a long-term uptrend for the white metal.
...
“Silver markets may be set up as the most exciting trade in the energy transition theme across the entire commodities complex today,” Ghali said in his latest research note. “The energy transition is this decade's investment zeitgeist, and implications for silver are often overlooked.”
...
Ghali noted that this growth in demand and significant underinvestment in mine supply has created a “universally-recognized structural deficit.” Ghali added that this fundamental imbalance has been largely ignored as markets have focused on massive above-ground stocks instead.

However, Ghali said markets have misjudged just how much silver is available, and this depleted reserve will squeeze prices higher.

“For many years, market participants could safely assume that the behemoth stockpile of above-ground silver would be sufficiently large to satisfy any reasonable scale of demand growth,” Ghali said. “Today, we believe this assumption could potentially be challenged within the next 12-24 months.”

Ghali said that industrial demand, driven by the green energy transition, has completely transformed the silver market. He noted that in 2019, there were expectations that it would take about 165 years to deplete the stockpile of silver.

Ghali said his new two-year target could be accelerated if investors jump back into the market.

“The potential ETF buying activity associated with a typical Fed cutting cycle could dramatically shorten this time span. This poses a significant liquidity risk for silver markets, and makes a legitimate case for a potential #silversqueeze on the horizon,” he said. “Pressure release valves could eventually help the missing silver make its way back to markets, but necessitate higher prices in order to do so. This is an extreme upside convexity trade that is severely underpriced.”

https://www.kitco.com/news/article/2024 ... securities

India's silver imports surged by 260% in February to a record high, as lower duties encouraged large purchases from the United Arab Emirates (UAE), government and industry officials told Reuters, adding they were on track to increase by 66% this year.

Higher demand in India, the world's biggest silver consumer, could support global prices trading near their highest in three years.

India imported a record 2,295 metric tons of silver in February, up from 637 tons in January, said a government official, who declined to be named as he was not authorised to talk to the media.
...
Chirag Thakkar, CEO of Amrapali Group Gujarat, a leading silver importer, said the industry had replenished stocks in January and February after having depleted them in 2023.

"Indian imports are cyclical in nature. In one year, imports may be very high, and then the following year they may fall. Since imports fell in 2023 after record buying in 2022, we can expect imports to pick up in 2024," Thakkar said.

India's imports could rise to 6,000 tons in 2024, from last year's 3,625 tons, driven by robust demand from the fabrication and solar industries, he said.
...

https://economictimes.indiatimes.com/ne ... 133286.cms

[Cu Penny Hoarder]

P.S. The silver ETF is up 11.3% since this thread was created. That is pretty darn nice IMHO. So I don’t buy the premise that it isn’t moving.

Lol I created the thread and I did note that it is now finally moving. But there was a significant lag between Bitcoin's move, Gold's move, and then finally silver's move. The former have even hit ATH's this year; silver has yet to do so.

Silver always responds a little slower than gold but this time it was a lot slower.

I might take some profits here and switch into Bitcoin.

Silver thread, but you can't help yourself from shilling bitcoins.

This site is turning into a crypto pumper site. Sad.

[Lemon Thrower]

Silver thread, but you can't help yourself from shilling bitcoins.

This site is turning into a crypto pumper site. Sad.

No, I'm just being transparent. We also talk about Fed policy, interest rates, lots of things that affect financial decisions.

Why are you trying to censor mentions of Bitcoin but not silver or gold - isn't this a copper penny site?

Why do we talk about NIFC's, banknotes, foreign coins, etc.? Scrap metal and even garage sale finds? You yourself have posted about lotteries and gas prices. Those aren't pennies either?

Copper is close to its all time high yet hoarding coppers is a losing proposition because postal rates have outpaced the price of copper.

[Saabman]

As of this morning, silver + $29.00 and gold is soaring.......

[JJM]

P.S. The silver ETF is up 11.3% since this thread was created. That is pretty darn nice IMHO. So I don’t buy the premise that it isn’t moving.

Lol I created the thread and I did note that it is now finally moving. But there was a significant lag between Bitcoin's move, Gold's move, and then finally silver's move. The former have even hit ATH's this year; silver has yet to do so.

Silver always responds a little slower than gold but this time it was a lot slower.

I might take some profits here and switch into Bitcoin.

Silver thread, but you can't help yourself from shilling bitcoins.

This site is turning into a crypto pumper site. Sad.

Don't be silly, I learned about bitcoin on the old version of this site back when it was (IIRC) a fraction of cent.

I was always going to set up a miner but never did. Don't sound so bitter, enjoy the jump in metals prices for what it is.