Seems traders paid attention to all those articles about the gold-silver ratio after all. heh heh.
There’s another interesting development no one seems to be talking about yet, so to continue the tradition of being first to point these things out, your friendly Gold Enthusiast will now give you something new to consider.
You have to admit, the price increase ain’t too bad either. We included a blue line showing comparative closing prices for SLV, the US unleveraged silver ETF.
Trading leveraged things like these isn’t for everyone. They go down just as fast as they go up. For short term moves, they’re sure hard to beat though.
One thing we will point out on the chart is that the RSI is VERY high. Usually, a move like this takes some cooling off. So don’t be surprised if we have a down day or few here, while everyone decides if that was THE move, or if there’s still more to come.
The Gold Enthusiast
DISCLAIMER: The author is long the silver sector via small positions in USLV, PAAS and SVBL. He may daytrade around these positions but has no intentions of trading out of these core positions in the next 72 hours.
The iShares Silver Trust (SLV) was trading at $17.93 per share on Thursday morning, down $0.41 (-2.24%). Year-to-date, SLV has gained 12.13%, versus a 11.71% rise in the benchmark S&P 500 index during the same period.
This article is brought to you courtesy of ETF Daily News.
About the Author: Mike Hammer
For 30-plus years, Mike Hammer has been an ardent follower, and often-times trader, of gold and silver. With his own money, he began trading in ‘86 and has seen the market at its highest highs and lowest lows, which includes the Black Monday Crash in ‘87, the Crash of ‘08, and the Flash Crash of 2010. Throughout all of this, he’s been on the great side of winning, and sometimes, the hard side of losing. For the past eight years, he’s mentored others about the fine art of trading stocks and ETFs at the Adam Mesh Trading Group.