Silver prices fell to the lowest they’d ever been on Monday. While this may at first seem a discouraging sign, the word is that what will follow is a massive opportunity to buy.
As of right now silver is trading at around $17.70 per ounce. For comparison’s sake, gold is currently valued at roughly $1,220 per ounce.
Such an astronomical gap can likely be blamed on the “buy gold” craze that took hold during the worst of the recent recession.
When the dust settled, everyone who was anyone coveted gold as protection from a weakened dollar and significant loss of wealth.
That outlook seems to have changed drastically over the past year.
— Rishaad Salamat (@RishaadTV) September 24, 2014
On the other hand, the slightly negative economic outlook in Europe and Asia may also be driving the value of both silver and gold downward.
Precious metals are presently seen in a bearish light, but could this change?
As the value of silver continues to plummet, patient observers feel that there’s nowhere for the long neglected metal to go but up.
However, not just yet.
Investors are encouraged to wait until silver falls to $15 per ounce before they elect to buy. That would represent a 12 percent loss from where the metal closed on Monday.
The reason could be that this represents a supposed baseline for the metal; it’s not expected to drop much lower than this for the foreseeable future.
Onlookers do not expect either gold or silver to drop much lower than their current prices. Therefore investors are encouraged to wait out the falling price of silver. Once it hits the magical $15 range, some may start buying like there’s no tomorrow.
As volatile silver continues to fluctuate in value, it will be interesting to see how many investors take that advice to heart.