- I think at this point, the market is just doing everything it can to get to the $100 level.
The silver market has pulled back to kick off the trading session here on Thursday, testing the crucial $90 level, but turned around to really take off to the upside. We are above the $95 level again, and I think at this point in time, the market is just doing everything it can to get to the $100 level. The $100 level of the course is a large, psychologically significant figure, and I think a lot of people will be looking to take profit there, so I would expect a little bit of pushback.
But at the end of the day, this is a market that I think probably goes higher. Really, I just don't see how it doesn't with this type of momentum and the concerns out there about a shortage of physical supply. If we turn around and break down below the $90 level, it opens up a move down to the $85 level, possibly the $80 level. That would just be silver going on sale.
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A Ridiculous Market
This has been a ridiculous market for months, and I don't expect the ridiculous behavior to end. Right now, I think we are pausing a little bit over the last couple of days in order to find out whether or not we have enough momentum to finally make that move to $100, but at this point, I just don't see how it doesn't happen.
In the last 6 or 7 weeks, we've almost doubled and I just don't see momentum stopping for any significant amount of time. Eventually this market will implode and it will wipe everybody out, but in the meantime, as long as you keep your position size reasonable buying on the dips continues to be the way forward.
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