Today's silver price is getting cues from gold… That's almost always the case. And this past week has been no different.
Gold has always been the biggest determinant of what happens to silver.
So gold's gyrations and its establishment of a new six-year low has predictably been reflected in silver's price. On Black Friday, Nov. 27, the silver price momentarily dipped below $14.00 to touch $13.94, then late Sunday traded again below $14.
At its current $14.15, today's silver price is at levels last seen in late 2008, a full seven years ago.
But the buying action in the physical silver market, as well as the premiums people are paying to get their hands on real silver, belie the action in the paper market.
Today's Silver Price Update
Here's what CNBC had to say about eBay and its recent silver sales:
Silver is also a hot commodity among eBay's users. EBay offered a Thanksgiving deal on 100 1-ounce Silver American Eagles coins priced at $16,665. Its sellers sold the silver weight equivalent of twenty-five fifteen pound turkeys on turkey day. Last weekend in just one day, it sold 2,500 rolls of 20 Silver American Eagles through a daily deal. That translates to more than $850,000 in gross merchandise volume and sales of 50 ounces of silver every 60 seconds.
What's more, eBay has been pretty forceful with advancing this part of its business. The company has forged alliances with some of the largest online sellers of precious metals, including APMEX, Bay Precious Metals, and Royal Canadian Mint.
All that buying has been causing the silver coin market to get tapped out.
Today's Silver Price Lows Help Raise Demand for Coins
About the Author
Peter Krauth is the Resource Specialist for Money Map Press and has contributed some of the most popular and highly regarded investing articles on Money Morning. Peter is headquartered in resource-rich Canada, but he travels around the world to dig up the very best profit opportunity, whether it's in gold, silver, oil, coal, or even potash.