Silver – still a good entry point as the last couple days, and moving up from the bottom of its range.
There is a whole lot going on in the silver (and gold) story, but that’s another article. For now I’d like to point out some action on the SLV's chart.
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Silver has been bouncing in a tight range for much of 2018. Buying in the low $15’s and selling on the way up has worked for a lot of this year. Betting against silver has worked too, but because of the accumulation of physical silver by several large entities and for other reasons, I don’t believe price will stay this low much longer.
Silver is being pushed lower by a stronger dollar, rising yields, and a host of other factors including competition with cryptocurrencies as a place for capital to go. But sentiment is rising for silver as a standby that, put bluntly, isn’t gold and isn’t subject to gold’s issues; in addition to being recognized as a safe asset that has strong potential for appreciation as other things – markets, stocks, bonds, cryptos, presidents, dealers, etc. – decide what they want to do.
In the interest of simply disseminating a good entry point in the SLV and saving a more in-depth article for later this week, I’ll cut this short and just point out the action in SLV’s price – indicators and patterns alike are pointing to upward movement out of the bottom of the range.
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