Today is an absolutely gorgeous day here in the northeast. Nothing but blue skies, and a very mild breeze. The temperature right now is just over 60 degrees, but the high should hit 70. That’s a fantastic spring day in my book.
I know it’s still early in the day, especially the trading day which is only a few hours old. But why not shed so well needed light on the market today. It’s not a usual thing these days so we need to take them as they come.
So gold has hit a nice little rally so far this morning. It is currently up nearly $17 on the day, and trade volume is exceptionally high. Now that’s a promising sign. When gold is going up in price and the trading volume is up as well, that usually means it will continue to go up throughout the day.
While times are not even close to normal at the moment and haven’t been for a while now. I’m trying to be optimistic about this.
As you can see in this screenshot from Kitco, the gold price has been on a steady climb since the US market opened today.
Silver is also seeing a nice increase today. In only a few hours of trading, silver is up over $.30. It has also eclipsed the $25 mark, which is a key resistance level. Volume is also up in silver buying as well, which plays the same roll as it does with gold.
For some reason I’m not as optimistic with silver holding and climbing as I am with gold. Just for the crazy volatility there is with paper contracts and the BIG BROTHERS JP Morgan who controls it.
Here is the current screenshot of the silver chart from Kitco. As you can see it also has been climbing since the opening of the US market.
While we all know that over the past several months, basically since February that the spot price is fictitious. If you can’t buy the physical metal for anything close to spot, then how could the spot price be accurate in any way. That makes it fictitious in my book.
Typical physical silver price is roughly 2 1/2-3 1/2% above spot. With some dealers usually running at spot price deals. Current premiums are over 20% on generic and American Silver Eagles are over 30%.
And if there is a “TRUE” shortage of physical metals then why are the spot prices so low.......
Because the spot price is fiction....
