New Chief Monetary Bureaucrat Goes from Good to Bad for Silver
The prices of the metals ended all but unchanged last week, though they hit spike highs on Thursday. Particularly silver his $17.24 before falling back 43 cents, to close at $16.82.
It was not a gentle fall back. In about an hour and fifteen minutes on Friday morning (as we Arizonans reckon the time), the price of silver dropped from $17.16 to $16.76. Was this a case of the infamous manipulation we’ve all read about? We can’t tell you who did it, but we can show you a clear picture of what happened.
In any case, it seems that either Fed chairman appointee Powell is not good for silver, or else that the price of silver has little to do with continuation of current Fed (central) planning.
We will look at intraday gold and silver supply and demand fundamentals. But first, here are the charts of the prices of gold and silver, and the gold-silver ratio.
This post was published at Acting-Man on November 7, 2017.