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Gold/Mining/Energy : Mining News of Note -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (141173)	4/16/2020 2:06:42 PM
From: LoneClone	Read Replies (1) \| Respond to of 196029

Clive Maund Silver Market Update clivemaund.com By: Clive Maund \| April 12, 2020 The situation with silver is paradoxical because it is considered to be one of the best, if not THE best value investment out there, but its short to medium-term charts still look awful. It’s not hard to see why silver still looks awful on its 6-month chart. Having crashed key long-term support in March, it plunged to new lows, and then staged what looks like a countertrend recovery move back towards what is now strong resistance and also close to its now bearishly aligned moving averages, with the volume pattern remaining weak, as it plunged on heavy volume but the subsequent recovery rally has been on weak volume. We cannot start to turn bullish on silver on a trading basis until it breaks clear above this resistance, either that or it drops back significantly and the volume pattern improves. It is thought unlikely that it will proceed to break clear above this resistance – it will probably need 3 strikes at it, perhaps more, to break through. On the long-term 10-year chart we can see how silver broke down below long-term support when it looked like a deflationary bust was started, but when the Fed stepped in and cancelled that in favor of a hyperinflationary bust, it hopped back above the failed support and back into the base pattern. Nevertheless, we can see that silver will not brak free of this base pattern and be on its way until it can succeed in breaking above the resistance level at its upper boundary in the $20 - $21 area. On silver’s latest COT we can see that it has improved in recent weeks far more than gold’s has. Even so, there is room for further improvement which would be occasioned by a reaction back from here, which as we have seen, the charts above suggest is likely. Lastly we will take another look at the long-term chart for the silver / gold ratio, which is at an all-time record, strongly suggesting that a major gold and silver bullmarket is incubating, and as pointed out above, we can expect it to really gain traction when the velocity of money starts to pick up…