My take on the market...
Afternoon everyone....
I’ve been following the market and analyzing it now for over 30 years. While I’m not a financial advisor, nor am I going to give any advice. I am merely going to give my opinion on what the charts and say to me over the last several weeks. I’m also going to give my opinion on where I think we with be heading for the next couple weeks.
Let’s start with gold. Gold has had several pretty volatile days over past three weeks. There have been three over $30 moves either up or down. There have been 8 double digit moves up or down. But with all that said gold there is less than a $2 difference in today’s price from the price 3 weeks ago.
Silver on the other in the last three weeks has been extremely volatile. Silver is down nearly $2 from where it was just three weeks ago. Silver has had giant swings in both directions, but mainly down.
Before I give you my opinion on the next couple weeks, here is today’s screenshot from Kitco.
Over the next two weeks, gold will stay within it’s current range. Likely stay between $1700-$1750. Unless something unforeseen happens, this will be the range.
Silver is much harder to analyze. There is no true reason why silver is taking a beating. It’s not justifiable, there is a physical silver shortage. Dealers can’t get orders fulfilled, premiums are through the roof yet the price is going down. So where will the silver price go over the next couple weeks? Looking at the charts my opinion is that it will continue to get beaten up. We could see $24 silver in the next two weeks.
Do you agree with my opinion???
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If we break the support trend line, I fear it may free fall for no real reason other than its silver - and never seems to move logically. While I think it should be well over 3$30 given all its industrial uses and limited physical supply and mining, it seems to always ignore what I think.
Same here, unless something crazy happens I don’t see it going to $30 anytime soon.
Unless the physical market gets so short it impacts the manufacturers of electronics enough to create a need to hedge creating more pressure and physical prices so much higher than paper. Eventually the markets will reconcile and paper price will rise. But I feel like our favorite Jelly Peanut Margin firm will just option it back to down to where they want it.
From what I’ve read most of the manufacturers that use silver did massive buys last year when the price was $15. I forgot the name of the one solar panel company but they bought 100- 1,000 ounce bars then. In the article they said that was enough silver for 4-5 years of production. But who knows I feel like it’s all just one big ponzi skeem right now.
I can live with cheaper silver so I can still try to fill my monster box!
Posted Using LeoFinance Beta
You will complete your monster box
Bought some more silver today. Think it will hold above 25 and rebound later in the year.
Nice. Your guess is as good as any. Silver has been very unpredictable
I would love to see the price of silver go up but not right now lol
For me the lower the better so I can buy more at a better price. For long term I most definitely would like to see the price go as high as possible.
I don't read the charts of gold and silver anymore! I just buy silver and gold, what is available, anyway.
Unfortunately @silverd510 I think I'm going to agree with you, they are going to be at the price......
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