Technically this 1.5 ounce Canadian White Falcon is the largest coin in the stack. I have been staring at it lately wondering when, if ever, silver will once again soar.
Yep, things are looking a little tense in the silver markets these days.
On the Weekly Chart, silver remains in an uptrend but is now sitting upon major support.
Silver has been range bound since May in an ever tightening range. As the saying goes, from tight ranges come big moves.
The only question that matters is whether that move will be to the upside or the downside.
On the daily chart silver remains NEUTRAL. An UPTREND is defines as a series of HIGHER HIGHS and HIGHER LOWS. Whereas, a DOWNTREND is defined as a series of LOWER HIGHS and LOWER LOWS.
The most recent HIGH broke what had been a DOWNTREND by posting a HIGHER HIGH. Silver has yet to break below the previous LOW, but it is awful close. So for now silver remains NEUTRAL.
It has been a few weeks since I posted the most important chart in the World right now and that is the US 10 year yield.
The cost of doing business is ramping ever upward. As long as the 10 yield keeps marching ever higher expect headwinds in all markets. Furthermore, consider this little thought, most business runs on credit. If the cost to borrow keeps rising how long before the prices to consumers rises?
Yep, hold on to your stack as best you can we are in for some stormy weather!
source: JM Bullion
The premium on American Silver Eagles has returned to a more "normal" level at around $8 per ounce above spot.
Perhaps next week we shall see silver soar like a falcon or perhaps we shall see silver dive like a falcon?
Damn Falcons!
Peace out and stack on!
