Well silver bugs, after hitting a 12-year high slightly below $35.00 on Tuesday silver markets have reversed and the upside rally paused as US Treasury yields have extended its upside.
10-year US Treasury yields jump to near 4.24% as investors expect the Federal Reserve (Fed) to follow a gradual policy-easing cycle. Historically, higher yields on interest-bearing assets increase the opportunity cost of holding an investment in non-yielding assets, such as Silver. The US Dollar (USD), which tracks the Greenback’s value against six major currencies, revisits the August high of 104.45.
Don't fear readers the upside trend remains intact due to multiple catalysts. From growing United States (US) political uncertainty to escalating Middle East tensions, every catalyst is acting as a tailwind for the Silver price.
On the politics side, Vice President Kamala Harris leads by a slight margin against former President Donald Trump. Market worry that Trump’s victory could result in higher tariffs and lower taxes, which could force the Fed to return to the restrictive policy stance for a period of time.
For you technical traders, the key resistance of $35.00 remains. The upward-sloping 20-day Exponential Moving Averages (EMAs) near $32.15 signal more upside ahead. The short term 14-day Relative Strength Index (RSI) oscillates above 60.00, points to an active bullish momentum so I would not expect the rally to stop anytime soon. I like $50 price point which is when I'd sell off some of my stack ad I could recoup my initial investment at those levels.
Holders are very happy to see this price
I sure am it's been a wild ride. The pullback yesterday let me buy some paper silver which is not my favorite but it helps the cause.
Hope this is good for you
I work from home, I'm listening to the news, they say that Trump is gaining relevance, leaving Kamala behind, I hope Trump becomes president, this man is very clever, intelligent, he is in favor of cryptocurrencies and this can help us.
I wish you a happy day
I'd have to disagree with cleaver and intelligent. I'd really like to know what policies you like and how you justify his actions. I'm very concerned that anyone who is worked with him has started to come out against him.
Whew! I'm expecting a little sideways action here, long enough to pick up a few more ounces, before continuing.
I hate buying up after this run so we will have to wait and see.
First the price of gold started to rise and silver went dormant. A few hours later Silver started following Gold. Now these two metals are at the same height and giving the same move. Good time for gold and gold
Gold and silver tend to trade together so this is not surprising.
Just in time, I was thinking about finally hitting the store on Tuesday and making some buys. Hopefully it stays lower until after then!
Good luck I'd be interested to see what LCS premiums are running and how they are doing on supply.
Thanks! I have a feeling I am going to be paying $1.50 or so over spot depending on the rarity of the pieces I pick.
I think that is a deal vs. the online sites
We will see. I will for sure be posting about it if I actually find some pieces.
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