I thought that this silver Swiss Franc would be an appropriate coin to share on this week's report since silver remains range bound and stuck in NEUTRAL.
Lets get to the daily chart.
Silver remains completely range bound bouncing up and down between $22.25 - $25.50 like a cork on the ocean.
There was a gap on the chart from last month's bounce off the lows that has now been filled but other than that all I can see is a tightening range for silver.
Remember, from tight ranges come BIG MOVES! The only question is which way will the range break, to the upside or the downside?
Truthfully, I could may an argument for both the upside and the downside, all having to do with rising inflation. As inflation rises, the value of the US Federal Reserve Note falls causing the price of silver to rise. On the other hand, as the costs of necessities (food, fuel etc.) holders of physical silver are forced to sell just to survive causing an increase in supply thus lower the price of silver.
We truly live in interesting times!
source: JM Bullion
The premiums on American Silver Eagles remains steady at around $6.50 per ounce.
We have seen silver remain range bound since May of this year which is more clearly observed on the Weekly Chart.
Peace out and Stack On!