We all knew that silver would get smacked down, at least in the paper markets and so it did. I had been tempted to buy some of the 2021 10 ounce Queen's Beasts coins last week but was expecting still weaker prices. I did nothing during the run up, neither selling or buying more.
We might be hitting a good buy point here. I often look for the test of the three week low. While that price is below 23, we have an a well-defined upward channel being established. Bought some March 20 calls this morning and may do more tomorrow. I don't mind buying here, even if I think we will probably have another smack down or two to shake out the physical metal holders. Something tells me that's not going to happen now. If you've been buying the real thing, congratulations. While my price target for this year is SLV >35, the new administration's disdain for fossil fuel my cause oil prices to climb. I'm guessing $100 or more a barrel. Since precious metals mining is fossil fuel intensive, either prices will have to rise substantially to justify the extra expense, miners will go bankrupt and China will buy everything, or production stops and physicals totally disappear from the market.
With new eyes opening up on the precious metals price realities, us long-suffering stackers might finally realize our expectations.
We might be hitting a good buy point here. I often look for the test of the three week low. While that price is below 23, we have an a well-defined upward channel being established. Bought some March 20 calls this morning and may do more tomorrow. I don't mind buying here, even if I think we will probably have another smack down or two to shake out the physical metal holders. Something tells me that's not going to happen now. If you've been buying the real thing, congratulations. While my price target for this year is SLV >35, the new administration's disdain for fossil fuel my cause oil prices to climb. I'm guessing $100 or more a barrel. Since precious metals mining is fossil fuel intensive, either prices will have to rise substantially to justify the extra expense, miners will go bankrupt and China will buy everything, or production stops and physicals totally disappear from the market.
With new eyes opening up on the precious metals price realities, us long-suffering stackers might finally realize our expectations.