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Silver Awake!
Silver looks poised to continue its strong day in New York in the east. This will be interesting to see, how the Shanghai Exchange fields silver’s big day. Obviously, as big buyers of gold, investors there will be on their toes to catch a silver rally, albeit nervous to dip their toes in the water in the event of correction. Currently, 1:15pm PST, silver is sitting around 28.87.
Having moved nearly 2% today, silver has excited the Silver Liberation Army in the wake of its biggest jump in 3 weeks. The price of silver is currently moving towards its 100 day moving average. Silver has moved through a 2 week long cap at $28.20, not stopping until $28.81. As can be seen below, the gold/silver ratio fell by about one ounce today, as silver outperformed gold:
The silver futures market has hit a two-month high.
Quantitative Easing seems to be on the horizon, as many are beginning to suspect that the Federal Reserve could hint at easing in Jackson Hole at the end of the month. The mid-September FOMC meeting could then hold a proper announcement.
Jim Rickards on his Twitter:
Look for #Fed to signal #QE3 on Aug 31st at #JacksonHole, then deliver on Sept 13th after #FOMC. It’s a new dance; “Jackson Hole Two-Step.”
After Bitcoin’s price correction over the last two days, the new ratio between bitcoin-silver ratio is 2.96 Bitcoin per silver ounce.
2012-08-20 17:00:54
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