Silver has punched through $15, nearly erasing all losses from the August 15th beat-down. The gold chart isn’t too shabby either. Here are the details…
Silver has just punched through the $15 price level:
This is even before the opening bell.
Let’s see if silver can get put in a close above this psychologically-important whole number.
The last time one ounce of silver cost $15 was on August 15th, 2018, and that day was the anniversary “Nixon closing the gold window”:
That August 15th, 2018 candle was a $0.71 loss on the day.
look closely on silver’s daily chart, however, and you will see that silver just put in the all important “higher-high” (at least on an intra-day basis).
Gold is not too shabby either right now.
In fact, gold is within spitting distance of finishing the year “unch” (unchanged):
That is amidst a stock market decline, the Oil Bust 2.0, and a housing market bubble that is clearly popping.
Gold is now down just over 2% year-to-date.
For comparison, the stock market, in this case the S&P 500, is down over 12% year-to-date:
Not only is S&P down over 12% year-to-date, but the S&P is down over 20% peak to trough.
Being down over 20% is considered a “bear market”, and that S&P 500 chart looks absolutely terrible.
I have been saying for some time that the downside in gold & silver is limited.
I am also not expecting a “crash” in gold & silver prices if the stock market is actually going to crash by some 40% or more.
I have been basing my ‘limited downside’ statement on the rising price of crude oil, but as the year played-out, however, it is clear that in late December, gold & silver are in the beginnings of catching their “safe haven” bids.
I have also been saying the window is closing for gold & silver at dirt cheap prices.
And that window for silver my have just closed on fourteen.
– Half Dollar
About the Author
U.S. Army Iraq War Combat Veteran Paul “Half Dollar” Eberhart has an AS in Information Systems and Security from Western Technical College and a BA in Spanish from The University of North Carolina at Chapel Hill. Paul dived into gold & silver in 2009 as a natural progression from the prepper community. He is self-studied in the field of economics, an active amateur trader, and a Silver Bug at heart.