3Semana·

Silver at crucial point

$965310 (-0,81%) Silver nears its all time high in dollars. In 1980 it reached $49.95. Then in 2011 it briefly reached $49.50. With silver hovering around $48 we are at a crucial resistance.

Personally I think it's highly likely that this time the $50 mark will be broken. Why?

This is the longest silver has ever been above 40. This time its a gradual increase and not the quick peak we saw in 1980 and 2011.

Also the fundamentals look stronger than ever. Huge industrial demand on top of a monetary crisis. See my previous post for more fundamentals.

What do you think? I'd love to share opinions.

#silver #alltimehigh

3 Comentários

Iguessso@Iguessso

3Semana

I believe silver will eventually pass the $50 mark, and I expect it to go well beyond that in the long run. Silver is already at an all-time high in several currencies, such as the Chinese Yuan (CNY) and the Japanese Yen (JPY), so for the U.S. dollar it feels more like a question of when, not if.
Pullbacks and resistance levels are both expected and, in my view, welcome. For example, yesterday’s pullback (with the relatively high volume sold) seemed almost amusing, and I used the opportunity to stack a bit more. Short-selling pressure is also something to expect from time to time.
I also think that once silver crosses the $50 threshold, it will attract significant media attention, which could drive the price even higher. After all, there’s only so much silver that can be mined.
That said, this is just my personal opinion, and of course, I could be wrong.

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Richard@trabajohombre

3Semana

@Iguessso certainly a drawdown would be welcome. I'd love to upp my stack a bit to a nice round number. Maybe when the all time high is touched. But like you said, in most currencies silver is already at an all-time high. So the resistance is only a thing for dollar based traders. We'll see how things go next week

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Iguessso@Iguessso

3Semana

@trabajohombre Just in :)

UBS has raised its gold and silver price forecasts again, flagging strong momentum from investor demand, macroeconomic uncertainty, and persistent fiscal and geopolitical pressures.

Silver forecasts were lifted to $52 and $55 an ounce, compared with previous targets of $44 and $47.

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