True to form, the silver price has made some wild gyrations lately.
The big news of course was what the Fed did last week. As expected, a 25 basis point hike came and went.
Despite considerable weakness late the previous week and then on Monday, Dec. 14, silver actually handily outperformed gold. It's leading to an interesting outlook for the silver price heading into 2016, and making it a must-watch precious metal for your portfolio…
Recent Silver Price Moves
Here's how the silver-price action looked on Wednesday, Dec. 16, the day of the Fed's rate hike announcement:
As you can clearly see, just after 8 a.m., silver shot up from $13.80 to quickly reach the $14.50 level. It continued to meander sideways before climbing higher.
Silver then reversed, dropping quickly to $14.10 just before the Fed announced its rate decision. As those details were being digested, the silver price moved sideways again, but soon ran up once more, this time peaking at $14.30 momentarily.
And like gold, silver found renewed strength on Friday, shooting up from $13.80 just after 8 a.m. to $14.15 by 10 a.m. It then moved essentially sideways for the remainder of the day to close at $14.08.
The important part of this price action was silver's ability to once again regain and close above $14. Despite the recent closes below $14, silver is, on a technical basis, holding up pretty well.
This week it has remained above the $14 per ounce mark, trading around $14.28 today.
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.