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Yesterday, I expressed that in the short term, silver wasn’t yet ready for the next big move higher, because there is a congestion zone on the chart between $32 and $34.
I do expect that silver will trade above the $32.50 high from a week ago Monday, soon but it will take a few days, to a week, to get through the $34 area.
This morning’s pause is unlikely to last for more than a day, before the next move higher, first into the zone mentioned above, and then through $34 and on the way to the $38-$39 zone, triggered by the breakout above $30.
My sentiment as well (about pause & consolidation). Only as usually, I have no clue how long it may take. I waited so long, I can wait another year or two. Anything faster is icing on a cake. 😉
I was/am also of opinion, that general markets should start some correction, pulling down miners at least initially. So far it is not happening…
Thanks for the updates!
Appreciate your comments, Chartsmaster. I’m sitting tight, but nice to have a “roadmap” to watch as we move forward. We’ll know rather quickly if your prognosis is accurate.
Any best way to ride silver. Best mine of just SLV?
For which miners to buy, I was listening to this guy, Durrett, he has newsletter, he is investing lots of his time into research and keeping up with news from seems like all of mining companies 🙂
He posts lots of free info on his twitter, twitter group or in youtube videos. Check his ‘mormons’ picks (marry and hold all of them):
https://www.youtube.com/@DonDurrett/videos
https://x.com/DonDurrett
https://x.com/i/communities/1509613048159342617
https://www.dondurrett.com/mylinks.html
Of course, some of initial move is already behind us. Best buying time was March 1st. Some of his picks are multiple times higher already. (but he was also buying them and adding to them few years ago and all the way down to bottom. Don’t use him for “when to buy”, but for “what to buy”)
Oh forgot to answer, miners or SLV. What about mix of both?
Instead of SLV there are better alternatives such as Sprott’s PSLV
(I would be buying it when it trades with discount – you can see that on their web page.
Or even better, having physical in your own possession…
Silver Producers ranked by risk-reward:
https://x.com/DonDurrett/status/1792312669846036924/photo/1
That is a complex question. Need to balance with mostly physical and some diversified combination of miners, etf’s etc. Those are going to require strategic timing because of the likely nationalization of most larger mines and seizing of the metal from etf’s.
CM great job with your silver posts. If I can add my two cents I really like Mag silver but have a basket of paas ag pslv aumn tmq and many years worth of silver stacking.
Thanks, JSK. Sounds like you are well diversified within the space.
I’m holding all PM types all until the election insanity is over and possibly well into what may be DJT’s 2nd term (I didn’t actually hear him say “End the Fed” in his speech to the libertarians the other night and his 1st term behavior indicates he doesn’t have the stomach for that fight). The NWO WEF DAVOS crowd are on a timeline and there WILL be ‘events’ guaranteed! Wouldn’t it be sweet if markets shrugged them off – not likely. Mkt is still holding out for a single (maybe two) rate cuts by end of year – as that hopium wears off, PM’s will rise in dramatic/sudden fashion. There’s $0.02 worth.