Silver had a great run this week ending at $25.49 per ounce. The Closing Price level has in the past been a Resistance point for silver on two other occasions. On July 19th the price of silver hit a high of $25.47 followed by a sell off. On August 29th silver hit a high of $25.43, again followed by a sell off that ended.
Does this mean silver will again sell off?
Not necessarily, but . . .
silver is at a resistance level.
The Federal Reserve meets next week, so a pull back or at least a pause is definitely on the table.
Silver is in an uptrend on a daily basis. An uptrend is defined as a series of HIGHER HIGHS and HIGHER LOWS.
source: JM Bullion
The premium on American Silver Eagles came down just a bit for the second week in a row.
source: JM Bulliion
Gold, with little to no fanfare, is once again trading at all time high levels!
And yet, the gold mining stocks seemed to be stuck in NEUTRAL.
The monthly chart illustrates, that the HUI Index has barely budged. The last time gold traded around $2000.00 per ounce the HUI Index traded above 600!!!!!
Weird?
Or is this the "Bitcoin Effect" in action? What do you think?
Peace Out and Stack On!