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Silver Wakes Up

05-15-2020

The market was modestly weaker early on, the proximate cause being renewed trade tensions between Trump and China, as well as threats regarding Huawei once again. (I don't think any of today's ugly economic statistics had much to do with the trading.) However, the initial selling didn't last long or do much damage before a rally was underway, led by the Nasdaq, which ended up roughly 0.75% higher on the day.

Away from stocks, green paper was a little weaker, as was fixed income, while the metals were higher. Silver finally did what silver does -- i.e., explode -- as it gained almost 5%, with gold tacking on 0.75%.

Hot Wired As I have noted in Ask Fleck and a couple of Market Rap columns, recently silver has been behaving better and better and I have felt like it would just be a matter of time before it finally started to run hard. That's just the nature of the silver market. There was no proximate cause today, it was just the day that it finally "touched a nerve," to use the expression of my longtime silver trading friend.

As for the miners, for the most part they were quite strong, with the silver mining companies doing better, for what ought to be obvious reasons.