Precious metals investors are wondering if the Silver Rally will continue in September. After the silver price reached nearly $30 in August, it has been consolidating lower over the past few weeks. However, silver tried to surpass the $29 level but fell last week along with the broader markets. So, the trend for silver in September may rely upon the broader markets.
I discussed this in my newest YouTube video update, Another Big Month For The Silver Price? In the video, I explain some of the forces that will impact the silver price in September.
Furthermore, the $26 level on silver’s weekly chart is a significant support level going back ten years. As you can see, once silver broke above the $26 level in late 2010, it remained above it until 2013.
We need to keep an eye on the broader markets as they will be one of the larger drivers of the gold and silver prices in September. However, at some point, I believe the precious metals will DISCONNECT from the broader markets as investors move into gold and silver to protect wealth.
If you have not seen this article, it’s worth a read as Peru’s silver production declined in July, suggesting that the virus is still impacting the mining industry in the country.
With Peru’s silver production declining in July, this could cause more issues in the silver market as investors continue to move into the shiny metal.
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Don’t look now….but here comes SILVER!
Saying all along that while there would be ‘skirmishes’ all along the way, that the real battle will be SILVER busting through $36 and that I am expecting fairly soon to see a SILVER Bid of $45 at the same time we see SILVER Ask of $56. I’m now setting my sights on another battle that will be keeping spot Silver under $60. This battle won’t be nearly as long in duration as the break through at $36, because after hanging that six it’ll be clear to all that THERE IS NO SILVER!
I am thinking the metals will finally diverge from the broader markets. And will see an explosive move this month.
The other night at around 10:30 CST I checked the movement of Silver. It started moving up and began gaining momentum. It broke through $28 and straight up. Quickly I logged on to a major metals dealers website and placed an order for $53,000 of 10 oz Silver bars at $28.74. It continued up to about $29.25 and just as quickly did an about face and plunged South. I have heard of the phantom trader with the phantom shorts that has been known to do this at around 2:30 AM in London. Apparently this still holds true. I’m sitting foolishly with some expensive Silver and without a game plan. It appears that JP Morgan still holds the cards to a rigged game.
@Jim – you’re example describes exactly how you should NOT be buying silver. Just decide on a certain day – say Monday each week, or the 1st day of each month – and buy silver regularly. Stop watching the price all day. Build your stash gradually over time by buying regularly.
If you have $53,000 to drop on silver in an impulsive decision, and then say you are sitting “with some expensive silver”, I think you’ll be alright.
For the future buy on a dip.
And anyone who has bought any asset knows any solid investment has peaks and valleys; run-ups and corrections, or as Steve says “nothing goes up in a straight line” [without corrections], with the exception of ponzi-scheme tech stocks that will one day crash hard.
I hate it when I walk away feeling like I overpaid. I did that onetime for a huge gold purchase I did several years ago around $1400. At that time Gold kept going down and I felt like I missed an opportunity to buy so much cheaper. I still have the gold, but strangely I don’t have that feeling anymore.