A monthly chart view of the silver price
The Cup pattern on the daily chart was smashed and is now history. But that does not mean that the silver price is back in the dustbin of history. The big picture monthly chart thinks otherwise.
While still getting drubbed in relation to gold, if we go by the 2001-2004 analog, the same thing happened then as the Gold/Silver ratio rose. But eventually silver caught up. That made it bullish in its own right but also was a primary signaler for the wider commodity and resources trades, which we’ll be on the lookout for in the coming months/years.
For now, I added PSLV because it was slammed back to a 3.6% discount to NAV after silver bug friskiness had driven it to a premium just a couple weeks ago. Sure, anything can happen in the short-term as we just saw with last week’s dive-bomb. But I see bullish when I look at the monthly chart. As a side note, I added PSLV after deciding to retreat back to the more dependable method of owning a silver price tracker rather than the miners.
NFTRH+ trade setup ideas are presented for consideration and further research only, not as recommendations. I may or may not personally take positions in all or even most NFTRH+ ideas, as it would depend on my portfolio composition at any given time. “Stop loss” and target levels are usually noted and should be respected.
