Silver eked out a 0.5% gain on the week, despite last Friday’s sharp pullback. Silver lost $1.21 this past Friday or 3.9%. Otherwise, it would have been a good week.
Another interesting point to observe on these charts is the recent strength of silver relative to gold – gold has been in corrective mode since April but silver forged ahead in May...
VP Hernandez: "This successful start to exploration at Aguilar not only underscores the high potential of the corridor but also shows that high-grade silver stretches far beyond our known resources."
Silver continued its recent correction this past week even as it gained a small 0.1%. We can’t rule out a test of that uptrend line from the February low that is currently near $28.
Silver enthusiasts hear about its use in electronics, solar panels, and the Green Energy Revolution but a hidden use of silver in the Military Industrial Complex is rarely discussed.
The silver market is already running significant deficits with silver demand outstripping supply. The structural deficit in 2023 came in at 184.3 million ounces.
Silver confirmed a breakout when it closed over $30. So, this appears to be test of the breakout zone. But a test of the 50-day MA near $28.70 can’t be ruled out.
