Silver was fixed at $33.96 compared to $34.01 yesterday. It was trading ahead of New York’s opening at $33.83. While this is more good news for silver investors, recent news out of Greece will more than likely put silver and gold into a very volatile position beginning tomorrow.
There was no new news as of this writing, but it seems tensions are rising in most of the global markets because of the ramifications that will come along with a Greek default, which seems like it is going to happen.
The news out of Greece is that some on the government side may defect to the anti-bailout agreement leading to a default. Global market stability will probably hang on the decisions of a few select Greek politicians, many of which are looked at as being pretty corrupt. That is pretty tough to swallow for all of us who are deeply invested in silver.
With all of this happening, gold and silver markets enter a very high-risk area, yet again. The likelihood of heightened volatility is strong, either way. Thereafter, once direction is given we expect a strong move in both silver and gold. Which way will the move be? Hopefully up, but many are forecasting down. Either way, it is not time to panic and sell off. Remember, silver is volatile, and as sure as it may fall drastically, the fact of the mater is that it may well indeed jump back up drastically as well.
What this entire crisis shows us is that the relationship between the banking system and politics is way too close. Silver will hopefully remain strong. As it is still the most popular precious metal.
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