2013 has came to the end. Silver price has not been particularly exciting this year. Here are the top 3 events worth noticing:
1. April Price Drop
On 12th April 2013, silver price broke support at $26. $26 has been a strong support in the past. When silver price broke a strong support, the support will then become a strong resistance in the future. During this drop, some investor got panic because a strong support is broken. Most investors took this opportunity to buy silver at a discounted price.
2. American Silver Eagle coin sales created new record high
American Silver Eagle (ASE) coin sales is a good indicator to gauge investment demand for physical silver. The coin has a beautiful design yet the premium is relatively low among the other coins. That made ASE became a highly demanded silver coin in the world.
In 2013, American Silver Eagle coin sales has created all time high sales record. Despite bearish silver price movement in 2013, physical demand for American Silver Eagle coin remained strong.
3. 2014 silver price outlook
Technically, silver market is not over by looking at the major uptrend lines. The fundamentals continue to build in a favorable way for silver. The facts remain that gold is moving to China and India at rapid rate, Germany only received a fraction of their gold back. It will take another six years before the New York Federal Reserve will finish their delivery.
2014 will be a rebuilding year for silver to regain strength but not significantly. This is due to the ongoing currency debasement and the coming economic crisis. It is usually wise to buy when the markets are quiet and when investors are pessimistic.
Silver price is expected to be traded between $19 to $26. It might take several attempts to to break $26 before hitting $30 mark. However, it is always possible that something could take place to shift market sentiment overnight.
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