The silver price (DEC) is 1.11% lower on the day at $27.74.
Yesterday silver prices gained 1.8% to close at $29.69/oz while gold gained a more modest 0.4% attempting to consolidate prices above $1400/oz.
Silver Exchange Traded Product (ETP) holdings were unchanged at a record high of 14,752 tonnes, and given holdings are updated on the third business day, this reveals the stability of interest despite the high volatility in prices earlier this week.
According to Suki Cooper at Barclays Capital silver coin sales have been even stronger with 1-ounce coin sales up 7% y/y in October (98 tonnes) and have already reached almost 50 tonnes in November.
US silver coin sales for the year to October are up an impressive 22% y/y in comparison to a strong base.
Looking at the charts we see 26.50 as being a crucial level above which there is potential for upside moves to 27.75 and 28.2.
The spot gold price is still lower on the day coming in at $1393 an ounce.
From a technical perspective, as long as gold keeps above the resistance level of 1383 further gains could be in store.
According to Trading Central the RSI is posting an unconfirmed bullish divergence.
1398 and then 1424 are the next resistance levels.
Physical gold demand remains healthy with buying materialising from India and Hong Kong while Vietnamese banks were buying gold following the import ban being temporarily lifted (Reuters).
