Silver is the most volatile precious metal as it tends to move the most on a percentage basis when it trends. Meanwhile, silver can also offer significant percentage moves when moving in a range. In 2023, nearby silver futures have been as low as $19.83 and as high as $26.20 per ounce. At the $23.174 level on September 8, the active month December COMEX futures contract is just above the trading band’s midpoint. Over the past months, buying on dips and selling on rallies has been the optimal approach to silver. I remain bullish on the metal’s prospects and maintain a core long silver position. As I wrote on Barchart on August 23, “The Case for Rising Silver Prices Remain Compelling.” However, even the most compelling markets rarely move in straight lines, and trading silver over the past months lowers the cost of long positions while I wait for capital appreciation.
A choppy trading range in silver
