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New trade for the week….silver

By MoneyWay | Feb 1, 2021

The price for silver reached as high as $30.35 USD an ounce, it hasn’t been that high since 2013. It seems that the traders that chat on Redditt have now made silver their new mission, silver had its biggest one-day move since 2008 with a jump of 11%. As a result of silver’s 20% in the past week, silver mining stocks have risen, however, this should only affect companies that are in production and have the ability to forward hedge their production. Other silver companies can only sell spot and who knows how long silver will stay at these levels, we will have to wait and see.

The Canadian dollar should be stronger to the USD even as equities, silver, gold and oil all move higher.  It would appear that investors are still nervous and are staying in USD till they see some stability come back into the markets. Expect a bit of volatility, maybe a slitghly wider trading range.

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