Silver FuturesUpdated Silver continues to be a scam...patience pays.
Silver is still processing the markets, the DXY pump, and rising interest rates. It is comparatively only down 5% so far for the year compared to SPY ~ -20% . (SoV narrative intact).
The chart still reminds me of Bitcoin, but bigger and slower. For your reference, I think the last peak we had in 2020 was similar to Bitcoin 2019, and we might have another few years of sideways before a similar price impulse, similar to Bitcoin 2020-2021. I think silver bulls will get to buy deeper if rate hikes continue. But the QE bazooka that follows is going to send silver to the stratosphere.
Meanwhile premiums for physical are still elevated. Price of paper is ~21.67 currently, but even basic boring secondary market bars are going for ~$26+. Not to mention ASE's are commanding sky high premiums. Rumors and whispers of supply issues in other parts of the world from people I know.
I prefer up. But paper silver will be a scam as long as Comex keeps holding it down.
The chart still reminds me of Bitcoin, but bigger and slower. For your reference, I think the last peak we had in 2020 was similar to Bitcoin 2019, and we might have another few years of sideways before a similar price impulse, similar to Bitcoin 2020-2021. I think silver bulls will get to buy deeper if rate hikes continue. But the QE bazooka that follows is going to send silver to the stratosphere.
Meanwhile premiums for physical are still elevated. Price of paper is ~21.67 currently, but even basic boring secondary market bars are going for ~$26+. Not to mention ASE's are commanding sky high premiums. Rumors and whispers of supply issues in other parts of the world from people I know.
I prefer up. But paper silver will be a scam as long as Comex keeps holding it down.
Note
This path is just a sketch with no basis or price targets, but the general feeling I'm getting is that Silver Squeeze 2021 late bulls are going to have their faith tested before true face melter glory. I'll buy more physical if we get below $20 but I'm not in a rush at this point.
Trade active
Silver got a nice push into weekly resistance last week. I noticed some $18 $19 and $20 puts come in for october and bought them. It will be a while before they start heading into profit I'm guessing. As far as I'm concerned, I'm hedging my physical holdings.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.