NO SILVER LIQUIDITY IN LONDON
(kingworldnews.com)
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Obligatory statement that I am not a financial advisor and am not giving financial advice.
I expect a midterm(1-3 years) top around the $75 level once there is a post-$50 breakout. Then I imagine it would breakdown to retest $50 as support.
I am a long-term holder who swaps between gold and silver to slowly accumulate both metals, with some platinum and palladium thrown in for good measure. So for me, I pay close attention to the precious metals ratios and how they are priced in other assets (stocks, real estate, commodities) more than their dollar prices. I am heavier in silver now, but will trade out some for gold when the ratio is advantageous. I will eventually convert some into stocks and real estate.
Keep in mind I view precious metals as a way to save and as a long-term hedge more than an investment or trade. My methods for saving, trading, and investing all differ from each other in how long I hold them and my risk/reward levels.
How about you? What are you planning if/when silver hits $65?
Someone once told me about taking care when trading silver: it eats like a mouse, but shits like an elephant. It's pretty accurate advice. Because of that, I normally cost average by accumulating it on dips, slowly, and in physical form - more as a long-term savings/investment than a trade. I could not resist loading up last March when it dropped with the rest of the markets.
There is strong support between 24 and 25 right now, so you made a nice entry. Next week will be telling since silver closed near strong resistance at the end of a day, week, and month. Trading in your situation, I might have been tempted to take some off the table, or even close out the trade completely and wait to see if the mid-27s are broken or rejected by the strong selling/shorting you pointed out is typical. But I agree that recent market sentiment, stimulus checks, and talk of a gold standard make holding on until April very compelling. From now through March deliveries, things could get very interesting. Good luck!
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