What Silver only goes up! Right?
Silver for the past few weeks has been trading sideways in an ever tightening range between $26.34 and $24.75.
Silver broke the tight range to the downside.
On a Weekly Chart the action is not horrible, yet.
In fact, the Weekly Chart looks great. Silver broke out to the upside of the previous Resistance at $24.35ish. The $24.35 level had been RESISTANCE. Now in a perfect world this level should now be SUPPORT. In an absolute perfect world silver would drop farther down to around $23.00-$23.25 range on a daily chart to fill the prior "gap" and then bounce back for another leg up.
That is the "BULL" scenario.
The BEAR scenario is for Silver to take out that prior low at $19.83 completely negating the current bull pattern.
Gold is feeling very comfortable above $2,000.00. My only caveat is that gold is money and if someone needs to unwind over leveraged positions then gold will be sold first. We are alos heading into the dreaded Summer doldrums when the precious metals are generally weak.
So last week we said goodbye to another US Bank. Rather than speculate whether the US Banking Crisis is over I will only show a single chart and link an article from ZEROHEDGE.
If you are interested in more information: https://www.zerohedge.com/markets/pacwest-shares-crash-after-reporting-deposit-flight-accelerated-last-week
And another article from Zerohedge: https://www.zerohedge.com/markets/fed-emergency-bank-loans-soared-money-market-inflows-continue-surge
The key words in these articles are: "deposit flights" and "emergency bank loans".
No hype and not my words, but rather cold hard facts. Banks are in trouble all across the Western World. Take heed or just sit back and have a beer.
source: JM Bullion
The premiums have gone down a bit on physical silver.
Got Silver?
Peace out and Stack On!