Eric Sepanek
SBC Founder
Eric Sepanek is the founder of Scottsdale Bullion & Coin, established in 2011. With extensive experience in the precious metals industry, he is dedicated to educating Americans on the wealth preservation power of gold and silver.
After steady buying over the weekend in foreign markets, silver prices opened Monday at $16.84 and steadily moved up to a daily high of $16.95. That momentum carried straight through to Tuesday to plateau at $17.16. Due to profit taking, silver price charts reported a Thursday low of $16.91. However, interest in the white metal was strong on Friday, with silver spot prices closing at $17.13.
Markets analysts seem to still be focused on U.S. politics and exerting great effort to determine what economic changes are on the horizon. 1 In his first press briefing as U.S. president-elect, Trump failed to detail his plans for tax cuts and infrastructure spending. Argonaut Securities analyst Helen Lau had this to say about the briefing, “There is some kind of uncertainty in Trump’s policies and the dollar’s upside is also being questioned by the markets.” She added that, “the markets were disappointed in Trump’s speech.” 2
At the same time, silver followed the lead established by gold, also benefitting from increasing concerns over the growing gap between supply shortages in silver.
Recent market activity has pushed silver prices above the $16 threshold, and it is finding solid support at this level while building a base for further increases. The question for many is how much speculative selling will create pressure on the price of silver as shorts are covered and speculators leave the near-term market. 3
Additional Sources
2 – http://www.thehindubusinessline.com/markets/gold/gold-hits-7week-highs-on-weaker-dollar/article9474539.ece
3 – https://www.bulliondesk.com/silver-analysis-and-research/silver-today-has-sentiment-turned-positively-125751/