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Christopher Lewis

Unless you have been in a cave for the last couple of days, you are probably aware the fact that the silver markets have exploded to the upside this week. That being said, you simply cannot buy silver at these levels. That is not to say that you can sell it, but I think a significant pullback is more likely than not due to the fact that we have covered more real estate in the last couple of days and we have over the last several months.

As long as that is the case, you find that the markets in an overbought position, and a lot of traders will be more than willing to take a $2 gain after the breakout and wait for an opportunity to buy silver at lower levels. Those are huge gains in this market, so I think at this point it makes quite a bit of sense to bring the cash register.

SILVER Video 24.07.20

The $20.00 level underneath should be a massive floor for the market out, and I do not even necessarily think we get all the way down there. However, it would not surprise me at all to get a pull back towards the $21 level, before bouncing again and heading much higher. I do believe that silver goes higher over the longer term, based upon what the Federal Reserve is doing with the US dollar. The US dollar is being crushed by the Federal Reserve, as there has been massive quantitative easing over the last couple of months and there looks to be more coming.

For a look at all of today’s economic events, check out our economic calendar.

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