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Single Ounce Silver Market Price Benchmark
Money Daily has been providing business and financial market news, views, and coverage on a nearly continuous basis since 2006. Complete archives are available at moneydaily.blogspot.com.
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Friday, March 21, 2025, 9:15 am ET The end is here. The end of the week, that is, which prompts checking the week-to-date results of the major indices heading into what should be a fairly volatile session, being the third Friday of the month, and a quad witching day (stock and index futures, stock and index options expiration) at that. For the week through Thursday's closing bell, the Dow is up 465 points and residing just below its 200-day moving average. NASDAQ is off 62 points and the S&P is up 24. The NYSE Composite is tagging along with a 305-point gain. The badly-damaged Dow Jones Transportation Average is close to flat-lining, down five points, having just executed a death cross, with the 50-day moving below the 200-day moving average. The Transports, incidentally, are dangerously close to bear market territory (14,637.85), down 17.55% from its high of 17,1754.38 at the Novemebr 25 close. While seldom mentioned, the Transportation Average is something over which analysts should analyze a bit. Though it's only 20 stocks, they are mostly airlines and freight movers like FedEx, UPS, JB Hunt, Old Dominion, and Ryder. When these companies are ailing, it usually means products and people aren't moving, i.e., the economy is slowing. One can't help but notice Avis (CAR) down 38%, United Airlines (UAL) off 27.8%, Old Dominion down 18%, and FedEx off 8% in the past month. The only component showing a gain over the past 30 days is UPS, up a paltry 0.3%. Specking of Dow components, Nike (NIKE, industrial) and FedEx (FDX, transports) both posted quarterly results after the bell Thursday and the results were fairly depressing. Both are down between eight and nine percent heading toward the open. As Friday's open approaches, stock futures are a bit bemused by the chaotic events from the Trump presidency and its offshoots, primarily the torching of Teslas across the country and continuing lawfare by activist judges shutting down everything coming out of the White House including deportations and federal downsizing. The level of contempt for the president shown by grifting, bought off goons in robes is alarming and unprecedented. Meanwhile, Supreme Court Chief Justice John Roberts has done nothing to reign in these judicial malcontents, his inaction fueling even more vindictive, unconstitutional rulings from district courts around the country. In the ongoing standoff between the Executive and Judicial branches, the White House is likely to come out ahead sinply because these judges have no mechanism by which to enforce their rulings. That is the job of the executive, and it's impossible to imagine the Trump administration engaged in self-flagellation. The assault on the White House by unelected judges, media, and loud-mouthed members of the party out of power in congress poses great risk to the welfare of the entire country. Missing is the message to stand with America's president. Instead, Democrats and other minions of the liberal left offer "resistance" as the sole plank in their wobbly, unsustainable platform of opposition to the will of the majority. It's a saddening reminder of how deep the hatred runs in the capital swamp. Minutes before the open, stock futures have taken a turn for the worse. Dow futures: -260; NASDAQ futures: 172; S&P futures: -40. Hang on to your hats, though you may want to loosen your grip on some stocks.
At the Close, Thursday, March 20, 2025:
Thursday, March 20, 2025, 9:11 am ET Generally speaking, articles published on Yahoo! Finance tend to lean a little to the left and are almost always anti-Trump. For its frankness, this story, published Thursday morning caught the eye and didn't disappoint on the Trump-bashing front. The article was penned by Trevor Jennewine, of The Motley Fool, not one of Yahoo! Finance's usual hacks, which may help explain why it made the front page at all. The article, titled, "A Stock Market Alarm Is Sounding for the Third Time in 20 Years. History Says This Will Happen Next," delineates the bear markets of 2008-09 and 2020, citing negative GDP in both instances. To wit:
2008-2009: GDP declined 2.5% in Q4 2008 and remained negative through Q3 2009 as the housing market collapsed and borrowers defaulted on subprime mortgages. Those events led to the Great Recession. Noting that the first quarter of 2025 is currently projected to post a negative result somewhere between 1.5 and 2.6 by the Atlanta Fed's GDPNow nowcast, the article goes on to posit... "the S&P 500 fell 56% from its high during the Great Recession, and the benchmark index fell 33% during the early days of the COVID-19 pandemic." If GDP does come in at a negative number, Yahoo! will most likely blame Trump and begin blaring about how tariffs and firings of useless federal employees are leading to a recession that will be devastating for the middle class and erode confidence in his presidency. OK, sure. Yahoo! Finance isn't known for being shy about misplacing blame or beating the Donald's reputation into the ground, but, their honest assessment of the situation in Thursday's article may indicate that the selling in the stock market is far from over, despite wins for the bulls in three of the past four sessions. While the recent gains may have cheered up some investors, the gains actually haven't amounted to much. While the S&P was rescued from "correction territory", it is still down eight percent from its February high and the NASDAQ is still hunkered down some 12% from December 16 and the Dow Transportation Average even further in the red. The Big Three - Dow, NASDAQ, S&P - remain below their 200-day moving average while the NYSE Composite has regained the space between the 50 and 200-day moving averages. Other than the Composite (+2.54), they're all down year-to-date, led by the NASDAQ's 8.08% drop. Earlier Thursday morning, something either spooked the stock futures or there's some serious horse-trading going on behind the scenes. All three majors were positive, then, suddenly, dropped like rocks into a quarry, sinking into the negative waters. It was probably a reaction to ECB President Christine Lagarde, saying US tariffs could negatively affect growth prospects in the Eurozone, a laughable statement at best, since most of Europe is already in a recession or is soon to be. In any case, with initial unemployment claims coming in quietly at 223,000, there remains plenty to suggest that Wednesday's vacuous gains based on literally no reassurances from the Fed or Chairman Powell are soon to be vaporized by the reality of slowing economies worldwide. Keeping an eye on gold rising ($3,050) and WTI crude oil swooning ($67.17 at 9:00 am ET), there are more indicators pointing to lower for longer on the stocks front. Silver shorts on the COMEX are at record levels. If silver ever breaks out above $35, it could signal a fairly rapid move to $50 and the end of the COMEX, the entire financial system and the world as we know it. Well, maybe not everything blows up, but, silver IS money, after all, and central banks don't own any, except Russia and maybe China. When silver moves, look out below for falling currencies, economies, and entire Western nations. France, England and South Korea being prime candidates for overthow.
At the Close, Wednesday, March 19, 2025:
Wednesday, March 19, 2025, 10:08 am ET Tuesday turned out to be another troubling day for equity holders as the rally that began on Friday and was extended Monday fizzled out, pointing the Dow and S&P back towards correction territory. The NASDAQ and Dow Transports remain stuck well below the -10% mark usually associated with corrections. Wednesday afternoon (2:00 pm ET), the Fed will issue its March rate policy decision, expected to be more or less a reiteration of January's pause, holding the federal funds target rate at 4.25-4.50%, considered by veteran bond dealers to be reasonable, though opinions differ. With inflation cooling, the 10-year note stabilizing around 4.30%, roughly the same as overnight federal funds, new age economists, inbued with years of ultra-low and even negative rates, consider anything above the rate of inflation to be excessive, thus the endless cacophony of cooing for lower rates sooner than what the Fed is offering, which is, ostensibly, one or two rate cuts this year, with the distinct possibility of none at all, barring a recession. To be fair, the 10-year at four to five percent is historically low and the fact that the yield curve is approaching the contour of a flat line, indicates little more than a sluggish environment where neither lenders nor borrowers are pleased. Today's FOMC statement will be closely analyzed and dissected for any clues to the Fed's intentions. Quarterly projections by Fed members and Chairman Powell's press conference will also be scrutinized by analysts and the financial media. Powell's question and answer period may be more interesting than usual given the range of issues the Fed faces, from an inflation-deflation debate to recession possibility, unemployment and a sliding stock market. More than likely, Powell will be tight-lipped on most topics, claiming data-dependency and a wait-and-see approach. With the market opening on the positive side, both camps of bulls and bears see opportunity. Bulls may be bargain-hunting while bears still consider stocks overvalued and any gains more potential for downside risk. Lately, any attempts by the market to rally significantly have been quickly quashed as investors have become more and more non-committal in opening new positions, seeking rather to shed losers and trim holdings, taking outsized profits to the bank. Gold continues to ratchet higher, setting another record at $3,052.40 earlier this morning on the COMEX. Silver continues wavering near recent highs, with the hurdles of $34.50 and $35.00 significant obstacles given the extreme levels of shorting of the second metal. WTI crude oil continues floundering about between $65 and $68, a reasonable range given the supply-demand dynamics currently in play. Supply being more than adequate and OPEC remaining at lower production levels, President Trump's calls to "drill, baby, drill," may be falling on deaf ears. Bitcoin appears to have based at $80,000. Since making a double-bottom a week ago, upside movement has been limited. There are indications that a drop below $80,000 would trigger a rapid sell-off of another $10,000, with modest support around $70,000. Bitcoin's rally from $70,000 to $90,000 took just 10 days (November 4 - 14, 2024) which means buying was thin. There's also a good amount of fresh money in play from mid-November to mid-February that is currently held at a loss. When buyer's remorse becomes a call to action, the pace of selling could overwhelm the high-sided "hodlers" as diamond hands turn to coal. With stocks hitting the high road prior to what's expected to be a rather mundane Fed announcement, the potential for an afternoon swoon becomes increasingly possible. Unless Chairman Powell indicates some form of relief on the way or the infamous dot plots offer more downside direction on rates, stock marketeers may be once more disappointed.
At the Close, Tuesday, March 18, 2024:
Tuesday, March 18, 2025, 9:24 am ET Stocks took the high road on Monday, following up on Friday's snap-back rally, posting gains in all the majors though the finish was extremely weak. In particular, NASDAQ, which was up 170 points with an hour left in the session, shed 2/3s of its gains into the close. Monday, the government said retail sales rose a scant 0.2% in February. Economists polled by the Wall Street Journal had forecast a 0.6% increase. Restaurant sales were down 1.5%, the largest decline in 13 months. On Tuesday, the market needs to digest housing starts, building permits, import prices, industrial production and capacity utilization before the opening bell. Those readings are expected to come largely in line with estimates. Import prices are probably not reflective of tariff effects yet. Housing starts ripped 11.2% higher after dropping 11.5% in January, well above estimates of a +1.4% monthly gain. Building Permits fell 1.2% month over month. Capacity utilization stepped up to 78.2 percent, a rate that is 1.4 percentage points below its long-run (1972-2024) average. Industrial Production was solid, up 0.7% in February. On Wednesday, the FOMC delivers the second rate policy decision of 2025, expected to keep the federal funds target rate on hold, citing changing, challenging conditions. Following the 2:00 announcement, Fed Chair, Jerome Powell will hold a press conference and likely will take questions concerned over any deviation from economic projections from December. FOMC participants are not expected to cause much turbulence, though the market appears on edge, ready to drop another shoe, so to speak. With the FOMC looming, Tuesday may be a repeat performance of Monday or could extend the tail that appeared late in Monday's session. Despite the seemingly large gains of the past two sessions, the majors are barely off last week's bottoms and have a lot of work to do just to Resistance exists not far from where stocks closed Monday. A key level for the S&P appears at 5,700 and the index is at six-month lows. Buyers that fueled the rally from mid-September through mid-February must contend with being caught in a valuation trap. There's support for the S&P at 5400, 5200 and 5000, though it is ill-defined. Market forces have already signaled prevailing bearish conditions. The likelihood of a sustained rally rests on very slim assumptions and long odds. The Dow and NASDAQ have similar set-ups with overhead resistance restraining the upside and market bottoms from August and September - the result of extensive coordinated and correlated algorithms - serving as markers for directional purposes. From a chartist perspective, the overall picture is less-than-encouraging for the bulls. Sentiment has turned bearish, for many good reasons, among them continuing geo-political turbulence, trade and tariff concerns, expected GDP collapse for the first quarter, rising unemployment, and the potential for a recession in the U.S., rivaling what appears to be weak conditions across Europe, with political leadership steering economies toward a glacial outcome. One could easily assume the worst is yet to come in Europe, though the equity markets in France, Germany, Britain, Spain, and elsewhere are trading at levels at or near all-time records. That particular anomaly is probably due more to a weakening U.S. dollar than to any factual basis of market fundamentals. Ir's almost as if Europeans are unaware that the equity bubble is bursting or their markets are even more divorced from reality than those in the United States. Sometimes, reality is stranger than fiction and this appears to be the case for most of Europe. Stock levels in European markets are unsustainable, especially in the face of a U.S.-led recession. Should that emerge as the primary economic driver, the fall may be devastating. On the other hand, European nations are hell-bent on continuing and even expanding the assault against Russia, calling for war-time spending via issuance of new debt in the trillions of euros. No doubt, a fresh infusion of cash and credit - or, at least the promise of such - will continue fueling an equity rally, but the logic behind further victimization of Russia, just as the Russians and Americans appear on the verge of a deal to partition Ukraine into smaller, more-readily digested territories, seems ill-conceived. Perhaps the best analysis of the European condition is that their leaders, after persuing objectives laid out by the WEF and the "Great Reset" ideology for the past 15 years and now seeing them fail, are drowning in their own pools of tears. Unable to admit defeat, and, with the very real prospect of America pulling back its offensive and defensive postures, they have joined hands around a doomsday plot. Like the incursion by Ukrainian forces into Kursk, they seem to be willing to trade short term benefits for long term failure. Such short-sighted leadership will almost certainly lead to devastating outcomes. In light of the shuffling madness (hat tip to Ian Anderson and Jethro Tull) European investors and institutions are doing all they can to inspire confidence, buying stocks at higher and higher levels without regard to inflation, civil unrest and a generally unamused - and completely disregarded - public. With European adventurism as a backdrop, there's no wonder gold is breaking to new records daily. From the ground level, faith and confidence in the entire European union project has been shattered. The pubic has grown weary of unelected Brussels and its dictates, longing for a return to peace and prosperity which the leadership is unable to provide. Decades of bad policies and worse decisions are soon to be coming back to haunt the continent and the British. Europe appears to be nothing less than a rudderless ship headed directly toward an iceberg while the captain and first mates are asleep in their cozy cabins. Prospects for gold and a return to sound money may not have been this good since prior to World War I. For more than a century, central banks have ridden hard money into the ground but the game has changed. Politicians, being woefully behind the curve, are either unwilling or unable to accept the reality of new conditions. Instead they deny the truth and fight against the winds of change, like Don Quixote tilting at windmills. The gold rally and its race to the ultimate end of being the source of all wealth and power are now unstoppable. The only question now is the timing of when fiat currencies reach their final destinations as worthless paper. It could be many more years or possibly soon. Whatever the case, gold will continue to march higher against all other currencies as the absolute store of value. As the sun brightens over lower Manhattan this Tuesday morning, gold's shimmer is rivaling its celestial counterpart. Already today it is up another percentage point, arcing over $3.040 per ounce on the COMEX. Silver is following, at $34.55 and rising. Precious metals prices have been soaring in countries around the world. India is a prime example, with prices for gold and silver at record levels. Stock futures are falling like dominoes. S&P Futures are down 18 points. Dow futures off 80, NASDAQ futures down 101 with the open approaching. WTI Crude oil is up over $68/barrel, but still seems to be seeking a bottom. There are no good reasons for crude to rise and plenty of rationales for furhter declines or at least a range-bound regime short term.
At the Close, Monday, March 17, 2025:
Sunday, March 16, 2025, 1:28 pm ET Editor's Note: This will be an abbreviated version of the WEEKEND WRAP. We have not had internet access since Friday morning and it's not supposed to be back in service until Wednesday at the earliest. Working from a remote, less-than-ideal location. -FR Stocks Friday's reaction rally saved the week for stock enthusiasts. Without the substantial upside returns to end the week, the major indices would have suffered another week like the last, which remains, at this juncture, the worst of the year. Particularly troubling is the Dow Jones Transportation Average, an important index which none the less gets scant coverage. Despite a nearly two percent gain on Friday, the index fell to a nine-month low, losing more than six percent just this week. From an all-time closing high November 25, 2024 of 17,754.38 to Friday's close at 14,643.53, it is down 17.42%. All of the major indices have fallen below their respective 200-day moving averages and 40-week moving averages. This kind of activity indicates deeper, structural problems, not investors fretting over tariffs, government shutdowns (which don't ever actually occur), or even the slew of Trump executive orders and Elon Musk's ravaging of the federal government. All of the major indices are down year-to-date, except for the NYSE Composite, which, thanks to Friday's 355-point gain, is clinging to a 0.70% gain. For the year, the Dow is off 2.48%, NASDAQ down 8.06%, S&P down 4.13%, and the Transportation Average is shed 7.88%. Dow Theorists seeking confirmation of a change in the Primary Trend - from bullish to bearish - got it this week on Monday when the Dow Jones Industrials closed below its previous low of 41,938.45 (1/10/24). The move was exacerbated Thursday when the Industrials finished the session at 40,813.57, a six-month low, a move that chartists largely expected. From its high on December 4 (45,014.04) to Friday's close, the Dow is down 7.83% and came close to the magic 10% down figure that everybody calls correction territory. There's nothing significant about a 10% decline other than the fact that it has become the standard number for corrections. Corrections can be anywhere from 5 to 15 percent, so to say that all the indices aren't already in correction is denying the obvious. Whether or not the correction becomes a bear market is all a matter of trend spotting and anyone with open eyes can see that the trend is lower. Dow Theorists are likely not the only people who are assessing the Primary Trend condition correctly. Any good technical analyst can see that market activity from Feruary 18 forward has all the earmarks of the first leg of a bear market, which is typified by sudden large losses. Bingo! We have a winner. The talking heads and Wall Street mouths will not acknowledge that salient fact until it's too late and many people are stuck with losses. It's also evident that institutions have been unloading at a pace that is close to frantic. Selling winners and losers alike, the big money is taking profits and shedding losers at the same time. It's likely that all the major indices will struggle along between being down eight to 15 percent for a few months, as the second stage of the Bear market - which is longer, choppier, but even more painful - ensues. A few stragglers are still reporting earnings next week, though few of any importance. Thursday looks like the banner day with Nike and FedEx after the close. Monday: (before open) Townsquare (TSQ), Diversified Energy (DEC); (after close) Getty Images (GETY), Harrow Health (HROW) Tuesday: (before open) Bitcoin Depot (BTM), Tencent Music (TME); (after close) Inovio (INO) Wednesday: (before open) Signet Jewelers (SIG), Williams-Sonoma (WSM), Ollie's (OLLI)Tencent (TCEHY); (after close) Five Below (FIVE), Gold Royalty (GROY) Thursday: (before open) Academy Sports (ASO), Darden Restaurants (DRI), Jabil (JBL), Accenture (ACN), Land's End (LE); (after close) Nike (NIKE), FedEx (FDX), Lennar (LEN). Friday: (before open) Carnival Cruise Lines (CCL). Tuesday and Wednesday's FOMC meeting will dominate the airwaves, despite the nearly 100% assurance that they will make no rate moves.
The second FOMC meeting of 2025 takes place Tuesday and Wednesday, with the rate policy announcement at 2:00 pm Wednesday, accompanied by quarterly economic projections and a press conference with Chairman Jerome Powell. Expected to do what the Fed does best - nothing - the meeting will still be a dominant theme early in the week. Markets usually demonstrate calmness in the days leading up to a FOMC meeting, though in advance of this one, of which the outcome is already known with near 100% certainty, things could get a little junpy. Besides the forecast of the Fed staying on hold, monetary policy and short term interest rates are becoming less and less influential in the face of increased activity on the fiscal side, making the sport of Fed-watching the ultimate exercise in futility. Many of the floor and desk traders will be more interested in filling out brackets for the NCAA Men's Basketball Tournament which begins Tuesday. Spreads:
2s-10s
Full Spectrum (30-days - 30-years)
The fall in the price of WTI crude oil that reached seven straight weeks on Friday closes is over. After dropping from $77.37 at the New York close on January 17, to $74.60 on January 24, to $73.81 on January 31, to $71.06 on February 7, $70.56 on February 14, $70.25 on February 21, $69.95 on the 28th, to $67.05 on the New York close on March 7, the price was up slightly to $67.19, which, despite a gain of 14 cents on the week, isn't really big news, especially since it dropped to a low of $65.52 on Monday, March 10. Gasbuddy.com is reporting the national average for a gallon of unleaded regular gas at the pump down two cents from last week, at $3.04. The price of gas nationwide should continue falling as long as crude prices continue to drop. There's a lag time of anywhere from three to six weeks, as previous deliveries at higher prices are wound down. California remains on top, though down a another six cents from last week, at $4.61. Oklahoma and Texas tied for the lowest at $2.60. Sub-$3.00 gas can now be found in at least 39 U.S. states with more to come.
This week: $84,425.85 Bitcoin has not been over $100,00 since February 4. There's an even chance of it going back to that level as there is falling to around $65,000 in the weeks and months ahead. As Money Daily has expressed confidently in the past, bitcoin is a sham which will eventually become worthless.
Gold:Silver Ratio: 87.76; last week: 89.64 Per COMEX continuous contracts:
Gold price 2/16: $2,893.70
Silver price 2/16: $32.65 Gold and silver continue to do what they do best, discounting the $US and other fiat currencies. Gold topped $3,000 on the COMEX this week, hitting a high of $3,014. Silver remains a breakout candidate, though $35 appears to be significant resistance. Patience is key. Here are the most recent prices for common one ounce gold and silver items sold on eBay (numismatics excluded, free shipping):
The Single Ounce Silver Market Price Benchmark (SOSMPB) marched higher on the week, to $42.26, a gain of $1.80 from the March 9 price of $40.46 per troy ounce.
Some people - mostly Wall Street sell-side analysts and their clients - believe the recent volatility is nothing more than a correction and possibly some profit-taking. To the rubes who allow bank and brokerage "wealth management" consultants to manage their money, it's always the same story. "Oh, don't sell, this is nothing", or, "we have strategies to manage situations like this." They never, ever reveal to clients what their internal analysis is saying because that might cause people to pull their funds out and leave the brokers and dealers without OPM (Other People's Money) with which to play. Can't have that. In the end, whenever there's a significant market downturn, they'll always advise to "stay the course" and "think long-term" while selling all of their own shares. Wall Street brokers are a bunch of snake oil salesmen, and that may be a compliment. Mostly, they're just crooks in nice suits, in much the same manner as politicians. That said, the recent direction of the market indicates more - not less - volatility ahead. Ending the week with big gains on Friday is one of the oldest tricks in the books. By pumping stocks into the weekend (while cashing in on call options purchsed earlier in the week or beforehand), the general public, which has the market acumen and attention span of a flea, a snail, or a worm, goes home happy for the weekend, thinking all is well and next week will be better. For the record, Friday results from the start of 2025 to the present (simple UP or DOWN):
Walking backwards,
In 6 out of the 11 weeks, the result for the week was the opposite (or close to it) of what happened on Friday alone. In 4, the result was the same. In 1 instance, the result was mixed. For the past three weeks, however, the Dow, NASDAQ and S&P all finished UP on Friday, but the result for the week was DOWN, except on February 28, when only the Dow finished UP on Friday and for the week. For those with poor pattern recognition skills and/or not paying much attention (retired Boomers in their McMansions with over $1 million in stocks), it's a roller coaster and they can't get off.
For the Week:
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