SILVER - SAFE HAVEN -
Added 2024-07-01 13:12:31 +0000 UTCLet’s remind ourselves why we are buying and bought Silver
Historically considered as a Safe Haven position, along with Gold, for when the market is showing weakness and corrects, capital flows out of the market and into these Safe Haven positions as a way to conserve capital during times of market uncertainty, this is why we add to Safe Havens before the market corrects.
If the market is showing extended, it is wise to start adding to safe havens, which is why we believe Silver has moved from $24 to $29 in such a short period of time, smart money is already start to conserve their capital from an overbought market.
I suspect this will increase if we see signs of the market pulling back, likely in line with an economic event, such as the Fed pivoting on interest rates.
So far Silver is holding up well in spite of the market at its ATH line. Price is just below its 50 Day MA and it’s 0.5 Fib, price can still pull back further while in this position and we can’t rule out the 200 Day MA getting tested if there is a market melt up. 200 Day MA is at $25 right now, if there is a test of this level, I will add again
Under no circumstances will I sell any Silver until after the market corrects.
