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I recognize that silver is extremely bullish overall, especially considering that at the beginning of the New York session we look like we were going to pull back a bit. Turning around the way we have shown that we are more likely than not going to continue to see a lot of buying pressure over the longer term. This does make a certain amount of sense considering that the world is an absolute geopolitical mass at the moment.
Retail sales in the United States came out hotter than anticipated, and people started to look at the idea of the Federal Reserve staying tight as a very real possibility. However, Wall Street always has a narrative to push, and at this point it looks like the narrative is that eventually the Fed will cut. If that's going to be the case, then I think you've got a situation where traders continue to look at this through the prism of buying each and every dip that they can, with the $30 level underneath offering a massive amount of support as a potential“floor in the market.”
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Overall Uptrend
The trend is still very bullish, and I think that continues to be the main driver here. All things being equal, the silver market is a one that I think will continue to attract a lot of attention, and I do think that eventually we will go looking to the $32 level. Breaking above the $32 level opens up this market to a much bigger move, which I do think eventually could happen. This will be especially true if the US dollar starts shrinking against almost everything, and interest rates start dropping.
The geopolitical concerns around the world also offer a lot of momentum for safety assets, which although silver isn't necessarily considered to be as safe of an asset as gold, it does sometimes get bought in the same situation. At this point in time, it's obvious that the market is likely to continue to see pullbacks, but there's just no way to start selling silver at this juncture.
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