In NFTRH we have been watching silver lead gold for nearly a month now. That was projected to have implications on the macro markets, and it has. Beneficial for the broad bear market rally and also of course, the precious metals complex as a whole.
Here is a brief excerpt on the silver price from NFTRH 751:
Silver
This is the leader as the Silver/Gold ratio (ref. 3/29 update) continues to rise lately. The ratio will be a good adviser about when to become cautious not only on the precious metals, but the whole global shootin’ match, in my opinion. It could come sooner (it is the end of the Q4-Q1 time frame originally projected for the rally, after all) or later (silver’s CoT does not yet appear terminal).
So keeping an eye on the current short-term leader, we see the silver price lurking just below the next resistance level after it took out the daily chart’s SMA 50 and the key 22 area support it coincided with. While risk is increasing, I think silver is capable of breaking through resistance and it sure would be sweet if it could ding a new high above the 2022 high (27.50) before the next correction comes about. That could be an overbought level at which to prepare for a coming macro bear phase. Far from a prediction, but it is logical. That said, silver needs to take out the January high of 24.78 before any thoughts of 27.50.
Silver price (daily)
Well, the January high has been breached as of today. Doink.
Silver price (daily)
As I looked through NFTRH 751 I could not help but reflect on how much other work is required beyond some guy only looking at charts. You don’t stand much more chance of being any more right than the next girl if all you’re doing is looking at nominal charts like these. It takes a wide range of technical, macro fundamental and indicator vantage points to come together and tell the story of the forward probabilities.
That said, charting is fun. Silver’s chart is getting really fun. I expect before 2023 is out the fun will have gone public. That’s when the likes of the discount to NAV (lower panel) that Sprott’s gold and silver bullion is selling for will be a thing of the past.
Sprott Physical Gold and Silver Trust
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