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With the exception of platinum, the rest of the precious metal complex traded in the futures markets all posted very respectable gains. Silver futures, which gained 3.6% in trading today, dominated the market. This was closely followed by the electronically traded fund SLV, which outperformed futures contracts with a gain of 3.90%. The Ishares Silver Trust currently stands at $ 0.98 per share and has set this amount at $ 26.25.
At 4:10 p.m. EST, based on silver futures, the most active March 2021 Comex contract is currently pegged at $ 28,245, after factoring in the current net gain of $ 0.98. Although the initial open for trading today created a small gap between Friday’s close, silver prices closed the gap when they traded at a low of $ 27.33, then recovered with substantial gains.
Gold futures prices rallied and performed well, gaining $ 30 that day. Basis, April’s most active gold contract, traded and closed above $ 1,800 an ounce for the first time since it fell below $ 1,800 on February 16. Currently, April futures are pegged at $ 1,807.30, a net gain of 1.68%, or $ 29.90. The GLD electronically traded fund which gained 1.49% and is currently pegged at $ 169.50 is not far behind in terms of percentage gains on the day.
Although gold has had a stellar performance today, it continues to be eclipsed by its sister metal, silver. On a technical basis, we’ve seen silver prices rise significantly since the 50-day moving average surpassed the 100-day moving average, which occurred on January 25th.
At the end of January, silver was trading at around $ 25.50 an ounce. After a rapid advance in prices that took the price of silver to $ 29.40 and then on February 1, it suffered a massive sell off bringing the precious white metal to $ 26.33. What would follow would be a 12-day trading period in which prices would consolidate around $ 27.
In fact, silver fell to its 50-day moving average on Friday of last week, trading at an intra-day low of $ 26.10 before rising above $ 27. This was followed by today’s stellar performance bringing silver back to well above $ 28 an ounce.
Gold and Silver rebounded today as they reacted to market sentiment, assuming there would be inflationary concerns later. These concerns offset the rebound in Treasury bond yields. In the case of silver, industrial use combined with inflationary concerns were the underlying factors that drove silver up.
Our goal remains $ 30- $ 33 in cash. We believe it could easily reach the upper ends of our projection once a final fiscal stimulus bill is passed and passed.
All precious metals benefited from a weaker US dollar. The dollar index has lost about 3/10 of a percent today and is currently pegged at 90.10.
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Wishing you, as always, good trading and good health
Warning: The opinions expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is for informational purposes only. This is not a solicitation to trade in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept guilt for any loss and / or damage resulting from the use of this publication.
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