Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver's State of Play
September 22, 2021 - (Gold Market Wire) - Silver's fledgling recovery continues this European a.m. and the chart lays out the parameters.
So are we just bouncing after a significant fall.. or are we actually developing a slingshot to move higher?
Right now, these are the challenges in front of us. We are impressed, so far, with $22 holding. The chart directly above, however, must reveal that this down move is actually protracted, and goes all the way back to the February high just above $30. We've had to do a lot of 'ducking and diving' to carve money out of a market like this, but, to be clear - we still remain bullish. Even though we have shed our entire position, save some core holdings that go back several years - we do not believe that the bull market has ended. Gold has, if anything, lent encouragement. It is not collapsing the way it would if the Bull market was dead. For us here at GMW, the question is - one more lurch lower toward $18.85, (maybe even $15) or have we found the bottom? Right now, we simply cannot tell, but, even we don't sell of as we move towards the beginning of November, and it looks like the equity sell-off has abated - we will consider re-establishing the position. Right now, we are approaching things seasonally. We don't want a big position in the Sept/Oct. time frame just to see a blow out that forces us to scramble. Our eyes are on the equity markets for now.