Silver Is A Sleeping Giant - Time To Load Up On SILJ

We have just passed the first anniversary of silver's elevator shaft ride to the lowest level since 2009. The volatile precious metal became a falling knife during last year's COVID-19-inspired risk-off period. The price fell through technical support at the December 2015 $13.635 low on its way to $11.74 per ounce.

The spike low did not last for long. Silver was back over the $12 level in March 2020. In April, the price rose above $16 per ounce. May took silver to a high of over $18.50, and in July, the price eclipsed the level of critical technical resistance at the July 2016 $21.095 high. In 2020, silver reached a high of $29.915 per ounce, the highest price since early 2013. Last year's $18.175 range was the widest since 2011 when silver reached a high of $49.82 per ounce.

As we head towards the end of 2021's first quarter, silver has been sleeping. Since the start of this year, the range has been $6.31 on the continuous futures contract, but the precious metal put in a marginally higher high when it traded to $30.35 on February 1. Silver was sitting below the midpoint of its 2021 trading range on Monday, March 22, as the precious metal is consolidating and digesting its gains over the past year.

We have just passed the first anniversary of silver's elevator shaft ride to the lowest level since 2009.