Not shown on the chart (and which couldn't have been predicted at the time of writing) is today's crash of almost 30% in that price.
Speculative bubbles happen. The narrative of people losing faith in currency made no sense, because that should pump the prices of durable commodities as well, if not instead of precious metals.
>There has been significant recovery in after-hours trading
After hours has been flat. I think what you meant to say is it recovered a tiny bit from it's regular trading hours low. It's still down over 25% on the day.
I know it was recovering in the afternoon, but I didn't think it got to ~85 by the bell. Maybe I misremembered. It doesn't help that SLV is close to, but not equal to the price of 1 oz.
most people are long on silver and gold. who cares if there was a slight correction.
I bought the bulk of my silver in the $20-30 range and am still buying. I bought on the way up, I bought at $120, I'll buy at $85. The price at the time I buy really doesnt matter to me. Only when I sell will it matter.
I hope to cash out and buy ~150 acres of land with it to hunt on and live on.
So it can just go back to the price it was 8 months ago and stay there, there’s no reason for silver to be so high. The companies using it for industrial purposes get it straight raw from the mines they aren’t buying bullions on the silver markets.
Which was my point. Unless someone is heavily leveraged or happen to have bought at the very peak, what matters is the rend, not intra day phenomenons.
I don't mind getting down voted by leveraged traders who got liquidated.
For disclosure I think gold/silver at this point is way overvalued, just the symptom of what this article is all about.
Clearly very few people were buying at 120 which is why it fell back to 85. It's a highly volatile commodity. Commodities markets go through booms and busts all the time and you never even hear about most of them.
Anytime it dips due to some announcement, I buy (usually big cap stuff like AMZN, or index like VOO). Then I sell when the price goes back to what it was prior to announcement
Obvious problem - stock market could keep going down. Obvious improvement - stop limit sell orders. Obvious flaw in the story - many common stocks like Google have doubled in the past year.
Not shown on the chart (and which couldn't have been predicted at the time of writing) is today's crash of almost 30% in that price.
Speculative bubbles happen. The narrative of people losing faith in currency made no sense, because that should pump the prices of durable commodities as well, if not instead of precious metals.