Silver price did something crazy today And we're gonna check it out now the Moves up and down were very extreme very Fast and if you weren't paying attention Then you would have missed it but we're Gonna sort of dive into Silver's extreme Price movements and see if we can break Down exactly what was going on Thank you so much for watching my video I do sincerely appreciate it if you want To learn more about investing in Precious metals or if you just want to Watch awesome videos about gold and Silver make sure to subscribe to my YouTube channel okay so today is Thursday January 12 2023 and it is an Important day because the inflation Numbers for December were released and They obviously had a huge effect on Silver's price so we're going to talk About that but first what I want to do Is just show you that at the moment Silver spot price is up over 50 cents on The day so silver is now back over Twenty four dollars an ounce also gold Is up around 26 dollars at the moment Over nineteen hundred dollars an ounce So precious metals at this moment are Rallying but that doesn't mean there Wasn't some extreme movement before this So let's first look into inflation here We are over at Kitco news.com in the Headline reads gold rallies to seven Month High amid Tamer U.S inflation data
So let's dive in right here gold and Silver prices are solidly up in midday U.S trading Thursday with gold notching A seven month intraday high of nineteen Hundred dollars a key U.S inflation Report today was right in line with Market expectations but still considered Tamer and then they talk about uh gold And silver being up the highly Anticipated U.S consumer price index Report for December came in at up 6.5 Percent year on year which was right in Line with the consensus forecast a 7.1 Percent annual rise was reported in the November report other internal numbers In today's CPI report were also in line With Market EXP expectations this report Falls slightly into the camp of the U.S Monetary policy doves as the report Suggests U.S inflation has peaked that's Good news for the U.S and the global Economy while also suggesting demand for Metals could uptick in 2023 yeah demand For Metals it's going up baby so Essentially inflation is coming down Right in November it was at 7.1 percent Now it's only 6.5 percent in December But also it is in line with what they Were expecting we didn't see any Craziness right it wasn't a a surprising Report so they're able to better Forecast what their expectations are Kind of look into the future and this is Really good for Metals right if we look
At the CME fed watch tool we can see the Next rate hike for February is projected To be a 25 basis point rate high equals Which will be the smallest one we've Seen right there was a bunch of the 75 Basis point rate hikes and then a 50 Last time now if they only do the 25 It's like maybe rates will stop going up Sooner than we thought and the dollar Won't be as strong as we thought it was Going to be and this is really good for Precious metals so there's a lot of Different ways to look at this but if we Continue on in the article you know he Does show the 24-hour spot gold bid and It's really interesting to see gold Price but silver did a very similar Thing look at this shape it's almost Like the letter N right a capital N and We can see gold price rally and then Fall extremely fast and then Rally from There and silver did the same thing Today so real quick if you're not sure What's going on in this chart uh up in The top right corner you can see January 10th is in blue so this line line for Silver price in blue was for two days Ago January 11th is in Red so this is What silver spot price did yesterday There was a big dip and then it kind of You know picked up towards the end of The day and then today is in green January 12th and look what silver spot Price did today so it was around
23.60 to start off the day slowly moved Higher and Higher and Higher and then Right at 8 30 when the inflation data Was released silver spot price spiked it Moved up super hard and in fact I feel Like people probably overbought and That's why we saw the reversal but then When the New York Stock Exchange opened At 9 30 right here we see silver price Go down even faster and farther and it's Kind of rallied a little bit since the Bottom but this is a really really crazy Move for silver to go up so fast and Fall even lower than it was previously Right be because this is when the Inflation data was released so about an Hour and a half later silver spot price Is lower than it was before that just Doesn't really make any sense I mean if The numbers were good for silver which They are these are really good numbers For silver then why did silver price Fall below where it was previously I Mean is there kind of some Shenanigans Going on is this Market manipulation I Mean why on Earth are we having these Extreme moves and obviously the extreme Moves have to do with not only the data Coming out today but also you know when The markets opened at 9 30 and we saw Price stop moving down start to move up Slightly and then fall once again so the Question now becomes you know is this a Normal trading pattern I would say
Because it's similar to that of Gold's You know gold did basically the same Thing as silver that it's not terribly Abnormal I'm not saying that you know Over is manipulated and gold isn't but I Just think it's a really interesting Move because silver fell you know below It where it was when the report came out Uh and gold did the same thing as well But if we look at Gold's rally since Then Gold's almost made up all of the Ground that it lost from the peak silver Nowhere close you know what I mean Silver is like I mean the peak is way up Here so silver went up you know to 24.20 Almost intraday but then fell like 60 Cents now I will be the first to admit That I'm not a day trader right I don't Do any day trading whatsoever I've never Taken any classes on the technicals or Anything like that but I do think that These extreme movements are sort of Unusual and I did expect some fireworks Today because I knew the CPI data was Coming out and so I was like all right We're probably gonna see a big movement In silver price you know either up or Down and we are seeing a nice gain in Silver price overall for the day I mean It's still 50 cents more expensive today Than it was yesterday but I did not Expect to see this crazy up and then Downward move I mean like 60 Cent loss In the price of silver uh just kind of
In the middle of the day so I don't know If this is kind of like algorithm Trading right silver hits a certain Number and then everyone says bye bye Bye and then it hits another number and Everyone says sell sell sell sell you Know and then they oversell and then it Regains the ground uh from before so This is probably something like that Um I don't think this is Market Manipulation specifically but it is kind Of weird that silver price could do this Um and so I just thought it was Interesting and I wanted to point it out In this video today I mean overall I Think long term for the year you know Silver we got a lot of room to go up I Think silver can do very well this year I've already publicly put out my silver Forecast for the year I'm forecasting 32 Dollar silver by the end of the year we Will see if prices can go that high but I think it's going to be a great year For precious metals because I think it's Going to be a really poor year for the Dollar right and silver basically does The opposite of whatever the dollar does So if the dollar gets really strong Silver moves down if the dollar gets Really weak which is what I think is Going to happen this year then I expect To see silver move much higher so yeah It's uh it's definitely an interesting Day for silver price if you do any sort
Of technical trading and you want to Weigh in on the price action today feel Free to put a comment Down Below in the Comment section that's the video today Thank you so much for watching and I'll See you in my next one silver dragons Out
