This is the key moment for Silver whether it'll break highs or consolidate. Santa Cruz Silver my biggest holding was up 22% today ( 34% since earnings a few days ago ). I got interested in it months ago because it had a listed P/E around 1. Basically I've been considering any Silver and Copper miner that has profitable ongoing production. Imperial Metals is my other huge winner they had a P/E somewhere 2-4 now almost 5. I've lived through a couple of these metal bulls the best late cycle plays are small caps and smaller mid caps that suddenly become profitable at higher metal prices. The more marginal players have the most to gain relative to their cap. Like when Oil went way up, Baytex and Athabaska were highly leveraged to higher Oil prices.
It's heading south. The commodity that is. No idea about your stocks. There's a plethora of silver that using what they learned tech-wise mining gold.... it's low hanging fruit. Huge demand... but no shortage. EDIT: $34.55 according to this place. https://www.kitco.com/charts/silver I mean it won't crash, but it's not going to explode up either. $30 before $40. ~vz
This is the 3rd time in 12 months its tested $35. I don't think we hit $40 any time soon. Probably best to short it right now.
Nice sideways movement. Uptrend starts a month ago. It might go even higher a few months/years later (or lower?). But be mindful humans can hardly live beyond 100 years.
Just my opinion. Silver is up 100% in 5 years. Jamie Dimon might be licking his chops right now thinking about selling some of those 133 million ounces at these levels. haha
It hardly matters to me short term the companies are making the cash already. The longer Silver stays at $30+ the more money they bank which drastically changes their balance sheet. Seen this play out with Oil from 2020-2022. I listened to too much noise at the time but still made a ton of money on the trades ( just not as much as I should have ). My observation a lot of the Canadian mining companies crushed earnings expectations and the stocks responded like it was a real surprise in many cases.
Multiple times last year it couldn't break through and stay above $32 .... till it did. And somehow I don't think Dimon flips a coin to make key decisions.
If it spike up at some point it will be because random shorts like yourself got squeezed out. Not saying it will happen but Silver's ath is $50 and Gold's old ath was around $1900. If Bitcoin can go to $110K Silver revisiting it's old high isn't improbable. There are a lot of Commodity traders trying to game the system but occasionally a huge trend wipes them out.