Silver Forecast Today 07/01: Ignoring Gravity (Video)

(MENAFN- Daily Forex)

• Explosive demand from AI-driven data centers and the solar sector is creating a bit of a physical scramble for the metal, and speculation has jumped on that. This will continue to be the overall thesis for the time being.
• Silver climbed again during the trading session, right around 5% as I record this, and we are sitting just above the 80 level.
• This is a very dangerous market.

However, the one nice thing about this market is that silver is so bullish at the moment that there's simply no way to think about silver other than in terms of bullishness or buying on the dips.

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Shorting this market is completely impossible. With this being the case, I think a lot of traders are asking how much further it goes, and while gold acts as a safe haven, the silver market is significantly outperforming, not due to the safe haven aspect, but industrial use and Position Sizing

With the US dollar softening a bit during the day, that also adds more upward pressure to silver, and therefore, I think you have to look at this as a market that, if it dips, you have to be wary of shorting and look for a bounce to buy into.

In fact, despite the fact that it's been so volatile over the last couple of weeks, we've simply been working off some of this previous froth. Now that being said, the silver market is one that's highly levered and you can really get a beating if you are over positioned or oversized in your position and the market goes against you.

As long as we stay above $70, I think this market probably continues to be extraordinarily bullish. I certainly will not be looking to short this market anytime soon in this environment.

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