Following the recent pump on silver up to around 30, many have been scratching their heads about the dump down to around 26. There is word on the block that Silver is heading to 500 but the so-called gurus are not saying within what time frame that might happen.
The chart time frame shown is a macro-economic one - the weekly. Always look higher.
I highlight some similarities looking back to 2007-2008.
My probabilistic estimate (not a prediction) is that on this time frame it is more likely than not that Silver goes south. (for every probability estimate in one direction there is a residual probability in the opposite). I've given my reasoning based on macro-economic cycles in the video. The whole world is overdue a downturn in a macro-economic cycle - a pattern which has been very robust for decades. This time around it would be interesting if we do avoid that downturn. If so, Silver is likely to punch north.
Those who have other ideas for Silver going far north, are invited to give their commentary with reasons. Let's learn from each other.
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Good analysis. Ideally the analysis will be more complete in 20 days or so when the monthly candle closes. It looks like a textbook double top atm but things could turn around quickly and all of a sudden we see a higher high, however I think that is unlikely. We've also hit a distribution zone from a few years ago which is holding supply.
The bullish factors are that it's broken above key resistance at $20 and we may see buyers come due to WSB.
There is an argument that silver is fundamentally undervalued and apparently it's being artificially held back by big players, is that true? Is that something to do with the paper gold/silver supply exceeding the real available supply by many orders of magnitude? Much like how hedge funds were short on Gamestop with more shares than what were in supply/made up the market cap?
The bullish factors are that it's broken above key resistance at $20 and we may see buyers come due to WSB.
There is an argument that silver is fundamentally undervalued and apparently it's being artificially held back by big players, is that true? Is that something to do with the paper gold/silver supply exceeding the real available supply by many orders of magnitude? Much like how hedge funds were short on Gamestop with more shares than what were in supply/made up the market cap?