It's another big day for Precious Metals in the markets with Silver up over 4% for the day and Gold doing well too. Silver in particular is very interesting at the moment because it's been flirting with the US $30 level for many years now and it might be just about to finally break through.
Source
You can see from the chart above that the Silver price has met Resistance at $30 several times. In August 2020 and February 2021 it threatened to break through $30 and failed, then again last month it had another attempt. However, todays strong rally has the price up there again and barring a sharp reversal it really looks like this time the momentum is going to push it through.
There has been a bit of a Perfect Storm brewing for Precious Metals for some years now, but here in 2024 it looks like a lot of those Tailwinds are coming together. If the $30 Resistance is broken the big question is going to be - How far will Silver run? It can be a very volatile metal and it's often heavily manipulated, but markets do inevitably assert themselves over time so if Silver can blow the lid here it could make a fairly spectacular run.
I found my @pitbullion anarchy hexagon the other day. Two ounces of .999 goodness.
It's a great piece.
It did touch $30 USD earlier today before pulling back some. Over $40 CAD which is exciting to see, I hope it doesn't blastoff too soon for my before my next Dollar cost average purchase.
I'm ready to order when you are. With prices going up, that $500 minimum order is looking too minimum nowadays for free shipping. We know it's not really free, right?
I appreciate that support very much PD. The Premiums are effected by Inflation and mostly Trudeau's asinine Carbon Tax.
I'm sure you're already sitting on a Fortune... Anything less that 900 Fiat Dollars per ounce is a good buy...
Actually... Anything less that 18,000 Fiat Dollars per Ounce of Silver, is a "Good Buy"...
More than I care to admit in both gold and silver.
!PIZZA
Time for me to head to the Nursery... I need water emitters and Swiss Chard Seeds...
It sure as hell is rumbling pretty hard. Let’s see if the lid blows off or if JP Morgan smacks it back down. At some point they will want to cash in on it as well. But is that time now?
Do people sell silver and then buy back in when the price drops like they do with crypto?
I don't, but I'm sure others do. Paper silver is definitely easier to trade than physical.
Good Question...
I'd be selling all my silver I bought up to midyear 2020, for sure!
I wouldn't mind a juicy breakout 🥰
Oh man I'm gonna miss the lows 😂 !BBH
@buggedout! Your Content Is Awesome so I just sent 1 $BBH (Bitcoin Backed Hive) to your account on behalf of @bitcoinman. (12/50)
Indeed, SILVER has not rallied proportionately with GOLD. And SIlver has ample room to go parabolic.
GOLD is looking damn bullish and considering the geopolitical events it is very likely to remain buoyant all throughout 2024 and in 2025 as well. I feel like GOLD will settle around 2500 level in 2024.
With GOLD becoming increasingly expensive, people at large particularly the middle class will flock to SILVER when they contemplate on buying precious metals.
SILVER is bullish.(Not financial advice).
Thank you.
spot silver to the moon
Based on what I have learned so far, even if Silver breaks the level, it will not be considered a confirmed breakout until it shows some follow through move that too with bigger volumes. Although I am bullish on it for the long term but market is the name of uncertainties. :)
Sending love and Ecency Vote!
Good question!!!
I already know the answer... Start thinking 18,000 per ounce...
In Phase One ot the reset, the Melt Value of Silver will go to $9 per ounce, in Sound Money...
Sound Money...??? What is Sound Money and how much is it worth...???
Up up silver goes!
!hiqvote
$PIZZA slices delivered:
@kerrislravenhill(2/5) tipped @pocketechange