http://illuminatisilver.comhttp://facebook.com/illuminatisilverBloomberg predicts silver is back in a bear market.
Today is Thursday 24th November 2016 and we are looking at a report published by Bloomberg yesterday.
This is what they had to say:
“After outshining all other precious metals in the first nine months of the year, silver is now back in a bear market. Prices of the metal slumped to a five-month low as the dollar rallied, making raw materials priced in the greenback more expensive for holders of other currencies. Through Tuesday, investors this month unloaded almost 384 metric tons of silver in exchange-traded funds, poised for the biggest loss since December 2014.
Silver futures for March delivery plunged as much as 2.9 percent, before closing 1.5 percent lower at $16.485 an ounce at 1:42 p.m. on the Comex in New York. That represents a loss of more than 20 percent from a two-year closing high reached in August, meeting the common definition of a bear market.”
So we are faced with an interesting situation. As we reported in our video of 18th November entitled “2016 silver demand exceeds supply again” showing that 2016 is likely to see a silver supply deficit, we are now witnessing a reduction in silver futures and substantial ETF withdrawals.
People like us who buy the physical in coin and bar form, and often termed stackers, have purchased some 24% less than we did last year and to see funds pulling out of ETF’s does not auger well for the short term price of silver.
We will admit, that despite the gold price fall of recent days, silver has held up remarkably well, but if Bloomberg are correct then it will not be long before we are well into $15 silver. As many of our subscribers have commented, this could be an opportunity to be welcomed.
At the time of this video, gold stands at $1187 oz and silver at $16.39 oz.
We shall of course be producing our weekly update on Saturday but meanwhile, enjoy your Thanksgiving festivities and leave the fretting to us.
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