The breakthrough over $30 was far more than expected and the next targets are $39/$40. The mark had stood at $30.35 since February 2021. Silver closed the past week at $31.26.
The best performing precious metal for last week was silver, up 6.56%, which can be an indicator of speculative interest being revived in the precious metal trade.
All that’s needed now is a big burst of volume, and silver could charge through the $30 resistance zone like a bull era tank driving through a rancid fiat butter wall.
This is the critical point in the cycle. From this point debt and debt-based assets get destroyed while silver prices see some real stellar increases. This point cannot be stressed enough, since debt or credit is what this current world is built on.
Silver fell this past week, despite as we noted a weaker than expected jobs report and a weaker US$ Index. Silver lost 2.1% as it continued to test $26.50 support. Further support can be seen to $26, but under that level the current rally becomes more questionable.
It’s no surprise that $30 is resistance as that was the high back in February 2021 ($30.35). Our expectations of $39/$40 targets remain, once we get past the February 2024 high. The breakout over $26/$26.50 suggests that target.
