I want to take a fresh look at silver because, after its latest drop, it is getting very close to my target zone, where it becomes a strong buy. It should be emphasized here that we do not have a fixed and rigid downside target, but rather a buy zone where the further it drops into that zone, the more of a buy it becomes.
The intelligent strategy here is to average down, which means buying as silver enters the target zone and buying more the further it drops into it. If silver dips below $50, serious buying will be in order. I sold most my physical in the $70-80 range and unloaded my SLV share about $8 off the recent top. It was a good trade and ended up getting me a new car.
The 5 year chart for silver provides an overall perspective. Here we see that after the parabolic blowoff late in January, the price broke down below the shorter term parabolic uptrend that had become impossibly steep. It then broke below the 200 day moving average, which had also been rising steeply, as expected. This price action damaged sentiment and caused silver to tumble further towards the strong support level. We have been expecting a halt to the correction and the birth of the next major uptrend. This chart clearly shows that silver is still in a major bull market. I have opened a new position in SLV, but with the premiums on silver I have added any of that yet. I was opening to get back in in the $40-50 range but we have not dipped as far as I wanted. I'm also a options trader so I was looking at LEAPs on SLV or the miners as I think industrial demand will not slow going into 2027.
What are your thoughts on where silver is heading?
Too much "tranquility" going on with geopolitics, I don't see many pumps coming
When measured in my version of U.S. Stable Coinage, Silver is currently about 63 Cents per ounce, on its way to 9 Dollars per ounce…
The current situation is that prices have gone up for a few days, but I still see them going down again. Let's see
$62 doesn't seem like a horrible place to buy at.
Good news for investors who bought it at the lows, so they should definitely book the profit
There is still a massive shortage of physical silver. It’s been swept under the rug. FOR NOW!
I didn’t think we’d break $60 an ounce, but we did. Who knows how exactly they will manipulate it to drive the people that bought high out and keep them from buying again in the future. It’s all about mind control. They make people who are really into metals buy it because it’s flying. Then the pull the rug out…..
I won’t personally buy any silver over $40. I have a solid foundation and I’m comfortable with it. I did take advantage of the gold to silver ratio when it was in the fifties.
I hear you I was sad to sell off mine but it was the right price and I needed the cash for a car. I will trade SLV for the time being I guess
It's honestly way above the range I want to pay. I've mainly been scrapping Sterling and selling about 60% of what I get from the refiner and putting the rest in my stack.
!BBH
!PIZZA
!ALIVE