8.23.2016. On Friday, silver closed at $19.305 basis the active September silver contract. The open on Sunday gapped immediately lower though and saw over 5.5 million ounces trade in the opening minute. Silver traded all the way down to $18.83 in that first minute of trading before settling into an uninspired range around $19 for the rest of the session. Silver has traded lower for three consecutive days now and the next major area of support is the 100 day moving average at $18.05. Even though silver has approached its 100 day moving average on four separate occasions in the last six months, it has not been below it since February of this year. The active contract month for Comex silver is about to switch from September to December. With plenty of length still left in the September contract, there may be additional room lower for silver in the near term. Overall though, the market still appears healthy. Silver ETFs continue to add to positions with the largest inflow in five weeks occurring last Wednesday. Unlike with gold ETFs, silver ETFs have had much more steady investors that seem to be committed to the position for the long haul.