Silver Soars to 13 year High While Mr. Market Offers 78% Discount.
Buy Silver Day (SilverSqueeze 2.0 is Monday March 31) There's still time to position yourself for life changing wealth. Buy Big as the US Dollar is circling the Drain Amid Market Turmoil.
Today marked a significant milestone for silver as it surged 2.52%, finally breaking above the crucial $34–$35 resistance zone. This move is particularly compelling given the growing momentum around the upcoming 'Buy Silver Day' on March 31st, which has garnered substantial media attention. The COMEX silver futures, a key benchmark, closed above this resistance zone on strong volume, reaching a 13-year high. This breakout is a major technical milestone and a bullish sign, but it's essential for silver to hold above $35 to maintain the validity of this move.
To further confirm silver's strength, monitoring its price in euros is helpful, as it filters out the impact of U.S. dollar fluctuations. A triangle pattern in silver priced in euros has recently broken out, which is an encouraging sign. For additional confirmation, a decisive close above €32 is needed, as this level marks the late October high and would solidify the move.
Silver priced in other currencies also shows promising signs. In Australian dollars, silver broke above the 52–53 resistance zone a couple of weeks ago and reached a new all-time high today. Similarly, silver in Canadian dollars, Chinese yuan, and Singapore dollars broke through key resistance zones, adding to the bullish narrative. However, silver priced in Hong Kong dollars and Japanese yen still needs to decisively close above their respective resistance zones to confirm a full breakout.
The current silver breakout is also set against the backdrop of speculation about a potential silver squeeze, with COMEX inventories rising sharply since December. This, combined with increased trading volume in physically backed silver products like the Sprott Physical Silver Trust, suggests a strong demand for physical silver. As the gold-to-silver ratio indicates silver's undervaluation relative to gold, a correction in this imbalance could soon favor silver. Overall, while these breakouts are promising, they need to hold above their key levels to remain valid, and a strong follow-through in the coming days would confirm the silver bull market is underway.
Silver is Still 78% discounted
Today’s silver price of 34.42 is 78% discounted than the historical market value of $155.10 per ounce
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charts by Jesse Columbo (follow him on substack
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