UPDATE: 10:22am EST – Well, it’s good to be wrong! Silver is racing towards $16 this morning. The only real question is how the cartel will play this move. With such a significant climb over the past 4 trading sessions there is currently a lot of noise surrounding silver and the silver market. This always attracts unwanted views by the criminal class.
Has there been a real floor established above $15 thus far? We could look back to, possibly, $15.25 or right around that number. I don’t really see anything of substance above $15, which could open the door for a massive beat down before the run north of $16.
I have said it before and will say it again – years end will see silver north of $16 and possibly north $17. If silver doesn’t break through $17 it will finish the year having a good long look at $17 which will set up 2020 quiet nicely.
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Silver is finally beginning to catch a break. After gold has made it’s move over the past couple of months, it appears, silver finally got the memo.
As we have been saying since late 2017 both metals are going to begin moving higher. We are now firmly in the zone for this happen. With all the truly awful silver news that has been reported over the first half of 2019 the fundamentals for owning physical silver are rock solid.
So far this week silver has moved higher everyday. We see silver moving higher again this morning and we suspect we are going to see a steady climb throughout the remainder of 2019. Remember, not only do charts move up, they move down as well. We would like to see a slow steady gain with silver making higher lows, taking a breather and then achieving the next higher low. It would be exactly what we have called for and are fully anticipating between now and 2023. Remember, we are record for silver to reach $32+ between 2021 and 2023. That’s more than double from where it sits today. That can only mean one thing – lots of movement to the upside.
As we have been saying about gold we have been saying the same for silver – once the metals reach these new loftier highs they will not be returning to where we see them today.
We are not going overboard with our calls. Some people are calling for triple digit silver and we hope to see that type of number, we really do, however, it doesn’t seem to be in the mix. At least not at this stage. Currently, I would like to see silver breach and then hold above $50 and ESTABLISH $50 as the new floor. Once silver accomplishes that goal, then we can begin discussing triple digit silver. Until then, I prefer keeping my feet on the ground and my head out of the clouds.
Above is a live chart and below is a static chart. If you look at that very small “hook” to the downside , on the static chart below, – on the very end of the green line – that is a bit of a concern. If that makes a turn north and reaches all the way up to $15.70 we could very possibly see a beat down. You can see a mini beat down just as London opened earlier today. Don’t be surprised if that happens. It’s a classic set up at this point for the next silver beating, especially, in light of the separation over the past two days as represented by the red and blue lines. I hope I’m wrong, but don’t be surprised.
