Silver is trading around the lower edge of the ever tightening price range.
So will we see a bounce off this level to the upside? I will say this if silver falls much lower then the range will be broken to the downside! Nothing dramatic so far but the world is getting a little wobbly these days given the rise in interest rates.
The most important chart in the world is the US 10 Year Yield. When no one is buying bonds the yields must rise to attract buyers.
Higher yields are usually a strong headwind against silver prices rising.
Of course if interest rates continue to rise unabated then the whole US economy will come to a screeching halt.
In the next few days, the US is probably going to experience a very rude awakening. Credit card debts are at the highest level in over a decade. Next month, Student Loan Debt Payments will once again start to have to be paid. Nothing sucks the velocity of money out of the economy like high debts and high interest.
Hold on to your hats, this ride is about to get wild!
source: JM Bullion
The premiums on American Silver Eagles remains steady at around $6.50 per ounce.
Peace out and Stack On!