Silver markets continue to chop around during the week

Silver markets went back and forth during the week, forming a bit of a hammer, and quite frankly it looks likely that the market will continue to try to build up a bit of momentum, but clearly we are nowhere near it right now. I think that the market will eventually go towards the $20 level, an area that I think is massive for the longer-term, and I think that it will take a lot of work to break above there. I think building a longer-term and physical position might be the best way to go going forward, because eventually I think that if we can break above the $20 handle, we are likely to go to the $50 level.

That isn’t ready to happen anytime soon, so I think longer-term investors are using this as an opportunity to build up massive positions. I have no idea when it happens, but it’s obvious to me that we can break down significantly. By taking the leverage out of the equation, you should have the ability to build up a big position. I think the $15 level underneath is the massive floor in the market that we need, and therefore if we can stay above that level I think it’s only a matter of time before the longer-term uptrend comes into play. I recognize that every $0.50 or so there is a certain amount of support and resistance, so use these levels as guideposts going forward. I do like the idea of adding to my position every time we pull back currently.

SILVER Video 04.06.18