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A Look At Silver’s Largest Intraday Move In Two Years

Silver’s volatility should come as no surprise as the metal creeps back down to its lows around the 2008 banking collapse of $9-$12. The drop down to nearly the $13 handle could be considered a major washout in a market that has been sold en masse for the past few years.

Silver moved 18.7% from its intraday low of $14.15 according to FactSet data. The price of $14.15 for silver on Sunday was its lowest price since Sunday.

The original reason for the soft price was the Swiss vote to increase the country’s gold reserves, which failed markedly. Soon after falling in price, gold and silver rallied, in part thanks to a downgrade out of China and India easing some import restrictions for gold and a softer dollar.

Silver’s largest intraday percentage swing since May 8, 2012 likely piqued the interest of buyers who might have heretofore been tepid. The following months will be interesting to see playout. Did silver just reach a bottom? Probably not, but we could be getting close.

In the chart below you see an early dip before a return to bullishness, somewhat similar to the behavior of silver the day before.

Screen Shot 2014-12-02 at 12.49.30 PM

You see the major dip on December 1 before the increase in price.

Screen Shot 2014-12-02 at 12.49.45 PM

Platinum moved south.

Screen Shot 2014-12-02 at 12.50.00 PM

Ultimately, in a way, the USD can be blamed for the softness in precious metals, as its continues a bullish trend.

Screen Shot 2014-12-02 at 12.50.33 PM

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