Somewhere, the Hunt Brothers are smiling.. pic.twitter.com/CwtgfUcXtj
— Walter Deemer (@WalterDeemer) December 26, 2019
Today’s Chart of the Day was shared on Twitter by Walter Deemer (@WalterDeemer). It’s a daily bar chart of the Silver ETF, $SLV. The ETF closed higher for the sixth consecutive session today. During those six sessions, $SLV has gained over 5%. Precious metals bulls are embracing Silver’s rally because the metal has recently been showing strength relative to the Gold. Metals traders watch the Silver/Gold ratio carefully to gauge the overall risk appetitie for precious metals. When Silver is outperforming Gold, it’s bullish for precious metals as a whole and vice versa. Walter jokes that “somewhere the Hunt brothers are smiling.” He’s referring to the two billionaire brothers, Nelson and Herbert Hunt, who famously tried to corner the Silver market in the early ’80s but were unsuccessful due to Government intervention. For more on the Hunt brothers and “Silver Thursday” check out this article from Investopedia.