Silver at All-Time High By November?

4.9.24 - Silver at All-Time High By November?

Gold last traded at $2,353 an ounce. Silver at $28.16 an ounce.

Silver Should Hit All-Time High Above $50 By November

The red horizontal on momentum is plotted through pivotal low closing readings (2021) and then pivotal high closing readings (2022 to 2024).

We've studied this situation archivally, and when we find major horizontal long- term momentum structures (in this case a flat horizontal structure encompassing several years of basing action), the outcome is dramatic and much of it occurs in the next two quarters.

And that move is almost always a massive percentage gain for silver and gold.

We're also monitoring our silver/gold spread (report sent April 4th). The breakout of that dynamic will echo and enhance (!) this breakout.

We expect that before the 2024 election there's a solid chance silver will be well above its $50 price highs of the past fifty years. Yes, there will likely be at least one major wobble in that move, and we'll try to identify that event in advance. And, yes, there will no doubt be many daily wobbles/selloffs too. Our focus will be on a potential (and premature) profit-taking wobble that involves a month or more of adverse action, not just two days here or there. Stay tuned...