No, your Gold Newsletter Alert service hasn’t transformed into a daily letter. But it’s silver’s turn to break out, writes Brien Lundin, executive editor of Gold Newsletter.
We’ve become accustomed in this 15-month-long bull market to seeing gold-only moves, with silver only reluctantly following along, if at all. That’s because this gold bull was spawned and supported by central bank buying, and central banks don’t buy silver or mining stocks.
We’ve also become accustomed over the years to seeing silver spike higher, have silver bugs like us get excited...and then getting whipsawed as the rally was viciously driven down by concerted selling in the paper silver market.
Still, this move looks for real, not just because the metal is up so much recently, but because it absolutely demolished upside resistance at $35. If you want to appreciate just how imposing that level has been, take a gander at the 10-year silver chart from Kitco.
Updated as of last week, this decade-long chart’s Y-axis doesn’t even go above $35! That’ll have to change now. Silver even traded over $36 at one point recently, but was then brought down by either shorts in New York...or my friend Adam Taggart’s top-ticking post on social media.
