Loading ...Silver Dead?
Maybe I’m in denial, which has happened before, but I just don’t see how a bottom in silver isn’t soon. Major support is in this area here and now because of previous important highs.
I just don’t see how this action of the last few years isn’t finishing off a Bull flag with the best buying opportunity being right now?
The case for commodities is strong. The case for silver is even stronger.
Why wouldn’t the market try to leave behind every investor it could just before it embarked on its next massive run? It’s what the markets do!
“I just don’t see how a bottom in silver isn’t soon.”
Of course a bottom is soon. Pick an intraday chart and you’ll get one.
But what timeframe do you really mean here?
If you mean a bottom that holds, sorry charlie. :=) Not close.
My window says 2 to 3 months for a major bottom, and it too will likely be just a (larger) dead cat.
Solid support for SLV is 14, so spot at 15.50. For the immediate future.
As for “the case” … what’s your case for the “Everything Bubble” to keep ramping?
Every valuation out there is predicated on credit financing that will prove to be unserviceable.
Have you tried phys? I called in a friend a very reputable bullion dealer yesterday and a single ounce premium for maple leaf with security is over 30%. He will buy for 15 to 20 % over spot and depending on quantity. In terms of physical, cant get it and price has not moved down since drop in april or so. I would not want to be a trader in this thinly supplied physical market with massive amount of short paper against what is not out there to begin with. It can go either way.
As far a debt service , fully agree with Sir P_D, but failure to service is the end of the banking world as we know it. Fiat system will go on a bit longer, my guess 2 to 5 years, then push for cbdc which fails a 100000000% as it will not get adopted especially not by folks outside of urban areas due to lack infrastructure and digital culture. Grab a uge bag of popcorn if you are ready to enjoy the show
Still lots on board. Silver could hit $17 eventually.
I was thinking I would load the truck when it went back to $5.00 Look at how many years it took to breach that level!
If $120 billion a month wasn’t enough to send gold and silver to the moon, it’s hard right now to envision a set of circumstances that will.
Wake me when the Nasdaq to gold ratio matches it’s all time high.
Actually it’s not hard at all when one realizes it’s all about psychology.
The downtrend line I posted about two days ago continues to get lower. Now closer to 23 than the 24 I suggested just days ago. Not a timing tool just an indicator that when Silver turns higher it doesn’t have to go much higher to trigger a chain of dominoes higher. My post suggested Friday October 1st. Pass the popcorn.
first support is $19 range. I agree that massive support is around $15. I certainly don’t know if that level gets hit, just rough probabilities.
until silver and gold make serious moves higher (like gold breaking above $1880) days like to day are just noise.
While it certainly possible that silver, gold and the miners bounce here (given the “bullish” momentum divergences that have been noted), I am not going to hold my breath that we are out of the woods.
The technical damage has been done and its now up to gold, silver and the miners to prove themselves by making higher highs on the large timeframes.
I personally think there is no chance gold can break above $1880 this year. The earliest window will come in the spring.
Hard to see a catalyst for the metals. If 120 billion a month in a fourth round of QE and 0% interest rates weren’t enough to send gold and silver to the moon, much less not crater 10-25% like they have in actuality, then it is hard to imagine what will send them much higher in the near term. Of course they can always technically bounce, and maybe significantly so, but not enough to move the needle IMO.
I am long gold silver and miners, but I wouldn’t blame anyone for not touching them until gold and silver or pounded into the dirt or gold breaks above $1900 and silver above $27.
Agree, one pop up day in a hard down trend means nothing.