Silver and inflation rage, the politicians imagine a vain thing
Precious metals have been underperforming other commodities over the past few years and may be significantly undervalued. There is a lot of pent up tension waiting to be unleashed. Investment and speculation has taken interest in bitcoin and other growth stocks as this bubble economy approached its peak. Precious metals having peaked a decade earlier have been in a long pattern of digesting their explosive price action and have lost their appeal as speculative assets. Bitcoin, Tesla, and the like have been the shiny attractive objects for the past few years, but as the second tech bubble is bursting and inflation is raging silver's lustre returns.
The price of silver spent over 4 years in the $14-$20 price range. When silver broke out in July '20 to $28 it began another prolonged range from $22 to $28. If silver breaks out of this range we are looking at a price target of $34 dollars.
There is a double bottom pattern which has formed on the weekly chart within the rectangle from August '21 to Feb '22 with a bottom at $22 and a neckline at 25$. The price target for this move should take silver to $28 which is the top of the range. At the time of this writing, most of this move has been completed in the past two hours.
At the time of this writing Ukraine and Russia are at war, and every day the news cycle goes from bad to worse. Commodities are raging with wheat 53% up on the year, and Nickel over 60% up in a day. Gold has broken out of its symmetrical triangle and is rising fast toward its price target. There are plenty of reasons to believe that silver will get the momentum it needs break out of this rectangle. The price target for this move is just under $34 dollars. That move is a 25% increase in the price of silver, and if silver runs with the other commodities we could see it go to all time highs it. That move from todays price would be an 86% increase.
Long term silver looks good and with many commodities hitting their all time highs and commodity indexes up across the board, this move doesn't seem unlikely. Technicals are set up to drive the price up pretty quick.
The price at the moment is at resistance around $26.6. If this double bottom pattern reaches its price target out we will move to another heavy resistance area at $29. If this is flipped to support silver can run fast.
Inflation rages, and the politicians imagine a vain thing. Their only options are war, economic collapse, or pouring more gas on the inflation fire. In any outcome gold and silver's lustre return as an inflation hedge, war currency, and economic safe haven.
The price of silver spent over 4 years in the $14-$20 price range. When silver broke out in July '20 to $28 it began another prolonged range from $22 to $28. If silver breaks out of this range we are looking at a price target of $34 dollars.
There is a double bottom pattern which has formed on the weekly chart within the rectangle from August '21 to Feb '22 with a bottom at $22 and a neckline at 25$. The price target for this move should take silver to $28 which is the top of the range. At the time of this writing, most of this move has been completed in the past two hours.
At the time of this writing Ukraine and Russia are at war, and every day the news cycle goes from bad to worse. Commodities are raging with wheat 53% up on the year, and Nickel over 60% up in a day. Gold has broken out of its symmetrical triangle and is rising fast toward its price target. There are plenty of reasons to believe that silver will get the momentum it needs break out of this rectangle. The price target for this move is just under $34 dollars. That move is a 25% increase in the price of silver, and if silver runs with the other commodities we could see it go to all time highs it. That move from todays price would be an 86% increase.
Long term silver looks good and with many commodities hitting their all time highs and commodity indexes up across the board, this move doesn't seem unlikely. Technicals are set up to drive the price up pretty quick.
The price at the moment is at resistance around $26.6. If this double bottom pattern reaches its price target out we will move to another heavy resistance area at $29. If this is flipped to support silver can run fast.
Inflation rages, and the politicians imagine a vain thing. Their only options are war, economic collapse, or pouring more gas on the inflation fire. In any outcome gold and silver's lustre return as an inflation hedge, war currency, and economic safe haven.
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