We need to look at two #silver charts. The daily chart (left) shows the metal is trending sideways, to break one way or the other. The weekly chart shows the previous breakout that happened in December. Closing in on first target of $26.50. After that, maybe $30?
@RealSeanBrodrick My wife has invested a lot in silver. Out of curiosity, I looked at what silver did in 2013 when House Republicans tried to crash the economy with the debt ceiling. Silver plummeted that year, although there doesn't seem to be any link between the two. Any opinions on what silver might do this year if the House defaults on U.S. debt payments?
@WordsmithFL Good question, and one I think about. For silver, I think China might be more of a driver than what House Republicans do or don't do. Silver is not only a precious metal, but an industrial metal. And China is remerging from a three-year Covid lock down into buy-buy-buy mode. Consumers there have $720 billion in savings. I don't think U.S. politics will affect it much. That said, if Republican shenanigans push gold higher, li'l sister silver will likely go along for the ride.
@RealSeanBrodrick Thank you, I'll pass it along.
@WordsmithFL She should be aware that there is a risk that a swift resolution to the debt ceiling will push gold (and therefore silver) lower. Also, anything I'm writing here should not be taken as investment advice, but just the ravings of a cantakerous old man #YellsAtClouds
@RealSeanBrodrick Oh, I know ... She has in mind a specific price point at which she would sell. She won't move it until then.