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Silver Needs a Kick in the Butt, Says This Veteran Trader

Silver continues to trek lower, trading at its lowest level this year but one veteran trader still has hope, even if he's near the end of his rope.

KITCO NEWS - Silver continues to trek lower, trading at its lowest level this year but one veteran trader still has hope, even if he's near the end of his rope. 'It's hard for me to want to buy it because the market itself doesn't have any energy...I'm ready to go but I'm not buying yet,' Todd 'Bubba' Horwitz, chief market strategist for bubbatrading.com, told Kitco News Thursday. Silver futures hovered near $16 an ounce Thursday, settling the day just a few cents short of that key level. 'Watching gold and silver churn around key support levels is indicating there is something else happening below the surface,' he said. 'They are not attracting new money from buyers to give it a push higher.'

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This article is commentary by an independent contributor. At the time of publication, the author held TK positions in the stocks mentioned.