Everyone is looking at $50 now, and like a self-fulfilling prophecy, $50 will be hit.
Actually, I have mixed feelings about silver getting to its ATH. With so much expectation, and overbought position, profit taking is the most likely outcome. At the same time, correction is necessary for the rally to have legs. So I am keenly awaiting all these sequences of events.
One more tailwind for today's precious metals rally could be attributed to increasing uncertainty in Trump led America, which is facing another potential government shutdown as early as tomorrow. USD is already untrustworthy as a global trading currency. More central banks pivoted towards gold. Silver, although not a reserve per se, usually follows gold. Even surpassed it at the later stages of rally, which is where we are at the moment.
$50 and corrections are in the horizon. How would you react and how would you trade? I am a long term holder of both precious metals miners and silver itself. I do take profit when the trend turns. When the correction is substantial, I always go back in. That's how I grow my holdings... with conviction, and more importantly, with eyes 👀 wide open.
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- JackQuant·10-03Thanks for sharing this opportunity!LikeReport