wallstreetexaminer.com / by Peter Krauth via Money Morning /
Silver prices in 2017 have been a mixed bag lately.
If the silver price action two weeks ago was discouraging, the past week was the polar opposite.
In fact, anyone who held silver last week was rewarded with a solid 2.9% return.
The price of silver struggled in the first half of the week, trending sideways to downwards as the market awaited confirmation of a Fed rate hike.
This caused silver market participants to follow the old adage, but in reverse. It was a case of “sell the rumor, buy the news.”
And those traders and investors were buying in full force. Silver prices rallied from a low of $16.77 before the rate hike to $17.48 the next morning. That’s a blistering 4.2% gain in under 24 hours.
Though silver traded intraday through its 50-day moving average of $17.43, it has yet to close above it. But based on its bullish action, I don’t think it will take long.
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