The Phaserl


The 3 Faces Of Silver

by Michael Noonan,

Silver has its own unique place in the investment universe. This is due to the fact that it has two very distinctly different personalities. And there is no telling exactly what face silver will be wearing at any point in time. At one moment, it is a precious metal serving as a hard asset store of value for investors seeking safety against currency debasement and global instability. The next moment, it is an industrial metal that is highly sensitive to the vagaries of the global economic cycle. But knowing that silver is prone to flipping between these two different identities can also be instructive, particularly when trying to assess its future path in the wake of what has been a most violent correction in the white metal over the last few days. It may also provide a leading signal of what we might expect from other important segments of investment markets.

A closer look at silver (SLV) over the past year reveals how quickly its personality can flip from one identity to another. During the spring and summer of 2012, silver was behaving like an industrial metal as it moved in virtual lockstep with copper (JJC), which of course is widely considered a leading indicator of the economy.

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