It’s never a surprise to see Silver following Gold up. It’s a more volatile commodity than Gold but still an excellent Store Of Value over the long term. I was planning to make a post about Silver today and it just happens to be the day it’s made a big 4+% move so the timing is perfect. If you have a look at the chart below you can see the Trading Range that Silver had been stuck in for over a year now...so that makes todays price action a powerful Breakout and quite significant from a Technical Analysis perspective.
Source
Apart from that little dip in October last year, Silver has been bouncing around between $22 and $26 USD since this time last year. The recent confirmation of the Spot Gold Breakout was always going to put strong upward pressure on Silver and today that Coil has been Sprung. This is probably even more exciting for Stackers than the Gold price action because the Trading Range was well established on a longer timeline and with Silvers inherent Volatility it means the upside move from here could really be substantial.
Of course I have a decent Silver investment too, but I am often more wary of the price action in Silver. That's because it is also an Industrial Metal so demand for this Precious Metal can drop when economies go into Recession – which we might be about to see across a few major countries worldwide. Today Silver is behaving like a true Monetary Metal and the Gold : Silver Ratio is still over 84, while it’s historical average is a lot lower than that. What that means is that Silver still has a lot of catching up to do…
I had a hunch silver was gonna pop and purchased more than I usually do back in the February dip while I still had the cash. With gold leading the charge for so long silver should have been creeping up already.
Well done. Wish I could say the same, but haven't had any spare cash to buy metals or crypto lately :(
I knew it was coming, but it's sure nice to see it finally happen. I think it will continue on this trend for awhile, at least I hope!
I really feel like anything under $30 per ounce isn't that bad of a deal right now. I mean that's just mean and I am pretty new to all of this. So what do I really know!
I've been keeping my eye on the gold action, looks like gold is taking a rest today 24 hours later. With the crazy stuff going on I see this trend continuing.
And we got weekly close above $27.00 🙌
Gold almost $2350 😄
As it comes back down. 🤬
Looks like Fat Finger Freddy dropped 24 tonnes of Gold today and we get another smackdown. I think the writing is on the wall though...
Stack on, @buggedout !
🎉🎉🎉
!pimp
You must be killin' it out here!
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Oh dang that's wild! I've been looking for some new options to be able to pick up more gold and silver assets and looks like there's only one option at the moment in crypto land.
Happy stacking!
Curated with an Ecency vote ❤️
Let’s go!!!!!
My investments are in cryptocurrencies, I bet on the Cardano project, it is slow, slow, but the developers work constantly, I also buy satochis, when the price allows it, according to the way you explain the movement of silver, those who have this metal could make profits, it has had a substantial increase
Silver prices skyrocketed, not as expected as silver prices moved
After a long time we have seen that it has breakout so the price will go higher and that is a lot of happiness for all the holders.
Be careful!
!LOL
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