Silver – Update
Yesterday’s update discussed the likely correction could come either before the FED decision or after. (from yesterday) “,,, The point I am making is, if silver declines going into the announcement, that may be the time to buy. If silver holds up, without dropping before the announcement, then the correction is likely to occur AFTER the announcement.” Well, we are getting the larger Silver correction overnite. So unless we see a huge upward spike, before the announcement, I would use this selloff to buy. My targets for spot are a best case scenario around $41, with an overshoot possibility of $40-$40.50. Even so, the market isn’t going to make it easy. I expect an increase in volatility in the silver price, which up until now has been a slow, managed climb, almost like the two step up one step back, that was in play from the low to mid thirties, up until the breakout around $39-$40. I still see the move above the “congestion zone” taking place before September ends. So stay focused on the goal. Getting OUT of fiat and INTO physical silver. Buy ALL dips and don’t get shaken out. As I said recently, the miners will be trickier and won’t always move exactly in coordination with the metal and that also pertains to Silver, not necessarily staying completely coordinated to what gold is doing.
Thanks CM
You have been spot on for a long while now
No wonder they left Canada:
Barrick Mining’s new figures for their Fourmile growth project in Nevada are very impressive. It is a rare tier-1 gold asset ??
– 750,000 ounces of gold per year production potential
– Average grades of 12 to 16 grams per tonne
– 8+ MOZ Au in total resources and growing
– Sector-leading AISC: $650 to $750 per ounce
– Big exploration upside: Current exploration upside estimate of 32-34Mt @ 15 – 16g/t