When in 2008, the price of silver took a 50% haircut, demand did not. At the time, I heard reports of bullion dealers in the US who were not selling the monster boxes of Silver Eagles they had already. Physical metal was hard to find even amid a riveting selloff.
[The] storm turned for the better in a dash, and silver began to rise in price all the way up to $50 an ounce. So, it is reasonable to have believed that, once the price approached $50 or thereabouts, it would correct…even if in a real way. As Jim Rogers said the other day, to paraphrase, “50% haircuts are common in bull markets.”
Silver still consolidates in the shadows of gold’s headlines.
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