Silver Price Forecast – precious metals get hammered on Wednesday

Silver markets have been absolutely hammered during the trading session on Wednesday, slicing through the last vestiges of support. At this point, I think that the market will probably go looking towards the $14 level underneath, where we have seen a massive amount of support in the past. I believe that longer-term traders are probably looking at this as a nice buying opportunity, but that’s an investment, not some type of short-term trade. Because of this, I think that short-term rallies that show signs of exhaustion should be selling opportunity, and I think that we will probably continue to see turbulence in the markets, as the greenback becomes the ultimate safe haven.

Treasury yields are going to drop, as a fear play, and that of course means that we need more greenbacks. Greenbacks of course work against the value of silver and gold, so this point I think it’s pretty easy to imagine this chart dropping down to the $14 level. In fact, we are down almost 4.5% as I record this video. I don’t have any interest in buying, unless it’s physical silver, or unless we get some type of daily supportive candle because I think at that point the reward would very much outweigh the risk. Ultimately, this is a market that continues to be very rocky, so as a trader I want to short rallies, but as an investor I want to own the physical silver for the long term.

SILVER Video 16.08.18