Loading ...Silver almost there…
if not there already. Silver at least is behaving more or less as I have expected (retesting its breakout).
I’ve been using palladium’s bull run from 1996 to 2001 as an analog since its long term chart lines up with silver’s current picture. Palladium went up about 10x in almost exactly 4 years.
I will worry about silver if we were to break below the March low. Assuming that is avoided, as I have been saying for weeks now, I am looking for silver’s 14 day RSI to hit oversold before we make a major low. Last’s week’s small bounce created enough room for a decent move lower unfortunately. We are almost there in terms of the RSI now.
Well, this fits the mini waterfalls we both expected.
They just got started later.
I can’t comment further on ‘this’ bottom just yet.
You reference daily 14s
I use weekly 9s. 41, so 2 weeks to go, probably.
A bounce off yours first, then another low to get to mine?
Those remarks pertained to the near term outlook.
I want to note again, that for SLV I have VLT sell alerts in place, like those I last saw in the fall of 2020.
That means I default to looking for lower highs from here on out, until I get the bookend VLT buy setup.
Monthly is at 56 and the last bottom was at 30. About 18mos out, roughly.
Again, that’s a default expectation until something else shifts.
Today is a GOOD DAY ! GSR now at 90 – get silver (phys) while we can (also a TELL for accumulating major miners IMO). Sure, the spread (GSR) may go up but all the more reason to accumulate AG. When the GSR corrects to even 80 (high probability), Silver could easily be at $35+. BTW, $5k gold is only a double from here – not so stratospheric as when we were discussing it here at the tent around 2016-17 when gold was $1,250. Let’s say worst case, gold takes a 10% hit (a la GFC or C19scam) down to $2,250, GSR hits say 100+ (easy at the depths of a panic selloff) which puts silver at $22.50 (spot, but of course premiums but will have grown bigly). Imagine the slingshot upward when the GSR corrects (falls) from that level. Phys silver under $30 is a gift unless one think’s gold is going to suddenly tank with the recession and stay there. FWIW I’m getting back to my original mining majors position today. I will take pain in GDX down to 30 easy and accumulating all the way down to $25. Fk’m …. Fk’m ALL !
I don’t know what Silver is actually following but I doubt that it’s Gold. So far as retesting the breakout the bullish folks thought that number was $30.00 not $26.00. Silver story is an easy sell buy something cheap and get rich. Problem is Silver is trading a little more than half what is traded at 44 years back. That sucks You’d have been better off following Bob Brinker into an SP500 fund with the widows and orphans. We came close to the drop dead number at $26.00 today just half a buck higher.
Good news is you get a chance to buy a deep break with a close stop. There are support numbers under $26.00 like mid 24’s but at some point Silver has to do something other than being dead money. As for buying physical Silver and hoping it saves you just look at who rules this country now and tell me they’re gonna let you barter with it.
Nice move off the bottoms in the miners today but there might still be risk in SILJ to the mid 9’s like $9.70.