iShares ETF NYSE:SLV is resisting movement backwards, as silver and gold march forwards and upwards along with the rest of the global economy.
There hasn’t been any horrible news lately out of Europe, Korea, or the US, aside of course from that devastating oil spill in the Gulf of Mexico. However, the world economy is on pins and needles as new news of the status of Greece and the rest of Europe hasn’t come to light yet.
Another thing that one would think would have had an impact on the market of precious medals is the fact that Canada, a G7 nation, has raised its target of the overnight rate. Now that could signal a stronger economy which usually means a stronger currency and money flowing out of the precious metals markets. Or it could mean that inflation is finally catching up this economy and there is a need to try a curb it before it gets out of hand.
Either way, the price of silver along with SLV is up today in trading with SLV resisting the 18 mark and hovering around 18.10.
Intraday volatility in silver has been increasing of late, which is a sign that it will likely make a larger move and break out of the current trading range soon.