by Steve St. Angelo
Now that the silver price has broken through the important $18.50 level, will it reach $21 during this current rally? Silver was up 70 cents for the day (Monday). However, after Dallas, Fed President Kaplan announced today that the “Emergency Facilities” used to support the economy might be pulled back, the markets sold off from their highs.
This included Tesla, which briefly touched $1,795 about 15 minutes after the market opened, then closed at $1,497. I imagine many “unsophisticated” investors lost their lunch after Tesla’s stock price shed nearly $300 in just a few hours. Anyone crazy enough to trade a stock worth $1,500 a share has to be insane unless you are a seasoned professional.
Even after the market sell-off, silver was still up nicely for the day. Stockcharts shows silver closing near the highs of the day at $19.79. But before I reveal the chart, here is my silver chart posted on Wednesday, July 8th: