Silver Plunges 8% Overnight But Still Up 5% on a Week Ago

Prices and Charts

A Week of Action But Gold is Flat from Last Week

Well, what a week of action in the world of precious metals!

It has been all about silver, much more on that soon. But gold in New Zealand is pretty much unchanged from a week ago. It continues to oscillate up and down off the rising uptrend line. So in gold the excellent buying opportunity continues to present itself. With the price just below the 50 day moving average today.

Silver Plunges 8% Overnight But Still Up 5% on a Week Ago

Indeed it has been all about silver this week. A post on the Reddit message board for r/WallStreetBets seems to have set the silver market alight. More on that in our feature article this week.

But overnight silver plunged back down by 8%. Despite that, NZD silver is still up over 5% from a week ago though.

The USD silver price shot all the way up to reach the high from 2020. It looked like the local silver price in NZ dollars might have been building to do the same before today’s fall.

So can silver now stage a recovery and head higher again from here. Thereby setting another higher low above NZ$34? Silver may well be trying to do that now. Having risen over $1 from earlier today.

It will continue to be a very interesting market for the coming days.

Gold Silver Ratio Hits 7 Year Low

As a result of the spike up in silver and relatively sedate response from gold, the gold silver ratio yesterday plunged to 63. A level the ratio has not been at since 2014.

Of course in the long run, the ratio likely has much further to fall yet. For more on this see:
What is the Gold Silver Ratio?

NZ Dollar Down This Week

The Kiwi dollar is down over half a percent this week. But still in the mid 0.71’s. For now, that may be all the correction we will see.

In the medium term the NZ dollar may challenge the 0.73 to 0.75 range.

Need Help Understanding the Charts?

Check out this post if any of the terms we use when discussing the gold, silver and NZ Dollar charts are unknown to you:

Gold and Silver Technical Analysis: The Ultimate Beginners Guide

Continues below

Will The “Reddit Raiders” Cause Silver to Skyrocket?

Before this past week, If you hadn’t heard of the social media platform, popular with millennials and also Gen X-ers, Reddit, we’re sure you have by now!

In this week’s feature article we give a run down of what these traders have been up to. Including:

• Reddit Traders Move From GameStop to Silver
• Will the Reddit Traders Cause a Silver Surge to $1000?
• The Financial Powers That Be Will Be Sure to Look Out for Themselves
• The Free Market Will Win in the End
• Silver is a Great Buy in the Long Run – Regardless of How this Attempted Short Squeeze Plays Out

Since we wrote this yesterday, silver has dropped, so we’ve added a couple of updates too.

Will The “Reddit Raiders” Cause Silver to Skyrocket?

Your Questions Wanted

Remember, if you’ve got a specific question, be sure to send it in to be in the running for a 1oz silver coin.

A Correction From Last Week

Sorry our proofreading and checking of last week’s newsletter left a bit to be desired! Both links to our featured article were wrong.

So if you didn’t manage to find it on your own here is the correct link to the article.

A reminder that this article covered:

• Firstly Why Has the NZ Dollar Been Rising?
• So Would This Rising NZ Dollar Change in a US Dollar Collapse?
• So if the Reference Point (the USD) Tumbles, Then Will It Take the Rest With It?
• Could Currency Flood Back to the US? How would This Affect the NZ Dollar?

What Would Happen to the NZ Dollar When the US Dollar Collapses?

Product Levels as Prices Continue to Fluctuate

As you’ve no doubt also read, many precious metals dealers throughout the world have been sold out of silver.

Luckily we have suppliers that were well prepared for such an eventuality as this. So while some products are out we do still have some coins and bars available including the specials listed at the top of this email.

We are doing our best to keep the website up to date with what is in stock. But if in doubt just ask and we’ll let you know alternatives if your preference is unavailable.

Prices are likely to remain volatile too. So if requesting a quote be sure to reply quickly if you want to lock an order in before the price moves too much.

Get in touch if you have any questions about buying…

1. Email: orders@goldsurvivalguide.co.nz
2. Phone: 0800 888 GOLD ( 0800 888 465 ) (or +64 9 2813898)
3. or Shop Online with indicative pricing

1. Email: orders@goldsurvivalguide.co.nz
2. Phone: 0800 888 GOLD ( 0800 888 465 ) (or +64 9 2813898)
3. or Online order form with indicative pricing

• Prices are excluding delivery
• 1 Troy ounce = 31.1 grams
• 1 Kg = 32.15 Troy ounces
• Request special pricing for larger orders such as monster box of Canadian maple silver coins
• Lower pricing for local gold orders of 10 to 29ozs and best pricing for 30 ozs or more.
• Foreign currency options available so you can purchase from USD, AUD, EURO, GBP
• Plus we accept BTC, BCH, Visa and Mastercard
• Note: For local gold and silver orders your funds are deposited into our suppliers bank account. We receive a finders fee direct from them. Pricing is as good or sometimes even better than if you went direct.
  

Have a golden week!

David (and Glenn)
GoldSurvivalGuide.co.nz
Ph: 0800 888 465
From outside NZ: +64 9 281 3898
email: orders@goldsurvivalguide.co.nz