Silver Price Analysis
Silver is down 9% this week... It was another volatile week in the metal markets with the technical backdrop continuing to deteriorate as broader asset markets also swing violently. Inflation concerns reaffirms that the Federal Reserve will continue to reverse the monetary policy after CPI on an annualized basis came in at 8.2% versus expectations of 8.1%. It's looking like we will see a 75 bps rate hike at the November 2 meeting. Meanwhile the U.K. Finance Minister was fired as they now attempt to reverse the proposed dovish economic plans previously outlined which sent their currency tumbling. So what does all this mean for silver? I think we will see silver dip lower in the coming months. Worst case I think we see $16! Best case broader markets start to recover since at the retail level I believe we are seeing a reduction in inflation that's not trickled up to government data. In that case I think we find a lot of pressure near $20.
Silver Chart
Portfolio Update
My current assets are valued at $1550.02 with a total acquisition cost of $1716.17.
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