Silver needs to break above $34 to suggest new highs above $35. At the same time, we would not like to see a pullback that takes out $31.
Positions as of Tuesday, March 4, 2025
The CME Group warehouse has reported 403.2 million ounces as of February 27 – a record high amount of silver stored, reports Bloomberg.
Gold appears to be correcting its recent run-up to over $2,900. Gold has failed to take out $3,000, with a high thus far of $2,974.
Positions as of 25 February, 2025
Copper prices have broken out and are rising. This is a sign of inflationary pressures. Copper is also a leading indicator for gold.
Positions as of 18 February, 2025
Gold made all-time highs again up 0.5% despite this past Friday’s wipeout, silver led up 1.3%, while platinum fell down 0.2%. Palladium gained 2.7% while copper continued upward gaining 1.5%.
Positions as of 11 February, 2025
Silver continues making what appears as a symmetrical triangle. But we need a firm breakout over $34 to suggest we’ll make new highs above $35.07.
