Speculators Fell in Love—The Market Didn’t: Silver After Valentine’s Day

The silver market delivered a historic performance last year. The long-standing $50-per-ounce all-time high, first established in 1980 and briefly challenged in 2011, was decisively taken out as prices accelerated through successive resistance levels. The move culminated in a spike to $121.78 per ounce, a level few participants had projected at the start of the year. What began as a steady bull trend turned into a vertical advance during the final stages, drawing in momentum-driven capital and forcing syst ...