SILVER PRICE UPDATE: Including End Of A Silver Mining Era
Since my last video update, the silver price has consolidated to a lower level. While I wasn’t surprised to see silver continue to correct, I do believe its only temporary before it begins a new leg higher. And, if we look at the COT Report for silver, there are some positive signs going forward.
But, before I provide a preview on my newest video update, Silver Price Update & End Of A Silver Mining Era, I wanted to clarify my position on “technical analysis.” There seems to be a large group of precious metals investors that have a negative KNEE-JERK reaction when I post some charts on technical analysis, stated several reasons why it’s a waste of time to do it when the market is rigged or controlled by the bullion banks (JP Morgan), the Fed and central banks.
While new and long-term followers are free to post any comments they desire about the pros or cons of technical analysis, my reason for doing so is to show what TRADERS ARE LOOKING AT and what they expect going forward. Traders, hedge funds and large institutions all study and follow technical analysis. Right now, they are the leading drivers of the silver price.
However, technical analysis patterns will not provide the ultimate FUNDAMENTAL VALUE for silver when the Fed and Central Banks lose control of the Fiat Monetary system and economy. Yes… at that point, technical analysis won’t matter. BUT, we aren’t there yet.
So, instead of precious metals investors becoming frustrated because they believe the silver price should only go IN ONE DIRECTION… UP, I am just showing how silver trades in the current system. Thus, if it falls back down to a certain key technical level before moving higher, you CAN TAKE IT OR LEAVE IT.
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