Loading ...Are You Able To LOOK Both Ways ?
OK….We are Precious Metals Investors. We Love Silver
It is so “undervalued ” along with its Miners.. it / they HAVE to go up
Especially In this Dangerous Macro Enviornment Politically and Financially and Medically
It has always been a safe haven and always rises Faster than gold in a PM Bull.
Yada Yada
But did you all absorb what just happened on the way to the moon ?
Commodities got killed after already being depressed and silver behaved like a commodity.
So all I am saying is we would be remiss if we did not at least consider the bear case.
PM Investors have been crushed many times expecting for all the good reasons for silver to go nuckin futz
I know I have scars to prove it.
This is no time for bravado…it is time for caution.
Of course there is a bull case to be made …but to be 100% or even 75% certain ? This is not that time…If ever
Even today…just about every thing bounced hard…silver barely bounced
FWIW
here is the kind of scenario I can see.
We do need Bull Charts as well of course . I am pleased to see both the Bull and bear Case here at the Tent.
Good Luck to All
I don’t like that silver dropped below cloud support on the weekly chart. At a minimum for me, it needs to close at or above $17.80 on Friday to retain an sort of hope for a reversal in the near term.
Conventional TA would say that we are going to make a lower low. It would take something absolutely extraordinary to abort that scenario. Looking at the weekly chart, there is not a single reason to get long here and there really won’t be until last week’s high is taken out.
Sorry, I meant to say $16.80, not $17.80. That’s not asking for much, TBH.
16.80 doesn’t impress me
We are there now.
Last week at this time it peaked overnight at $19 !
Silver needs to get through A Strong Resistance Cluster at 17.40 to 18.20 to have any chance .
Very Very unlikely to do that this week…or this month for that matter
If silver can close over $16.80 this week, I suppose if the Fed announces massive QE on March 18th, it’s within the realm of possibility that silver could make a higher high. I can’t rule that out, but there is no way I would ever bet on that.
yep on all that Fully and Nautilus… silver is know to be very volatile… like dips below moving averages that if gold would behave the same… you dump right away… but that is not an excuse to play on hopes it goes up. Damage is done to silver.. it hurts.. getting back in is always harder.. you can’t force it.. the entry will become apparent when it’s time… untils then… don’T hold a grudge.. just patiently wait.
Thanks, Fully, for your post. Its so brutally honest.
I, for one, do not at all like the way silver has been under performing gold, and the miners in general under performing the metal.
There could be hard times yet in store for silver and the miners.
I’ll throw this in. Re gold not silver, but I think the message carries.
I still chart FSG, a long defunct ETF that was UGL/SSO … leveraged long gold AND leveraged short SPX.
On a key indicator I use, there was a peak on the monthly back in early 2016.
That coincided with the top for this ratio over the last 4-5 years. See for yourself in SC as UGL:SSO (need a sub for monthlies)
Well, that indicator just peaked again last month and turned down from a similarly overbought level.
Telling me to EXPECT gold to under perform for months from here. As usual, no guarantees but that’s how I form trading biases until proven wrong. Of course, under that inference, both could go up just with gold lagging.
Markets up today were an absolute MERICA moment. Yeah, they will pump but to what end? The way I see it and I am probably wrong… but the landscape is getting uglier not prettier.