Evening Crew,
As AK Errol pointed out above we are coming up on the Labor Day Holiday in the USA tonight, when most of the markets are closed.
(For newbies - don't panic when the chart line goes 'flat' tomorrow morning - silver hasn't died!)
I intend to buy some large bars from Bullion Bourse this week (Spot+2%), so I'm rather hoping for a price pullback!
But will I get it?
The charts below show how the silver price behaved last year (2011) and in 2010, during the same holiday period.
In both cases there was very little volatility during the holiday day itself, but on the following day there was a definite take down before the NY open.
This month we have a strongly rising silver price (which probably matches the 2010 period most closely). In 2010, the takedown was only around 35 cents, then it bounced back again fairly quickly. Is it worth waiting for something similar?
And in 2011 the Labor Day holiday marked the beginning of a major swoon in silver prices, but that correction is over now.
We had a huge rise last Friday night - when Ben kept a straight face whilst expounding his utter financial nonsense - so perhaps some of that will be clawed back again tonight or tomorrow.
So many factors! Should I wait until tomorrow night or just buy them tonight?
Time for a strong cup of Edna's miracle Gunpowder Tea.
SPOT : USD $ 31.70