Every time silver gets to a point where it is about to break out, it has a retreat in price. The old adage that we have heard for years is, “this time it’s different!” But silver keeps disappointing. Well, this time I really do think it is different and I have been harping on silver since I started writing my blog again in August, 2023 and on September 27, 2023 wrote Single Digit Daily Sentiment Index for Gold and Silver Signals Bottom Is Close when silver was $21.91 an ounce and today is 30.11, a 37.42% increase.
“That’s great Doug, but I didn’t buy silver back then and have been afraid to buy since.” That’s the typical response I get from those who have not bought silver or have been afraid to add to a position they bought higher years ago. So what would propel them to buy now when silver hasn’t broken out yet? What if silver goes back down from here right after they buy?
One thing has changed from the time of September 27th to today. The dollar has fallen from a high of 106.67 to 103.80 today, a fresh 3 month low breaking the 104.10 6/6/24 low. In other words, the purchasing power of the dollar has lost 2.69% during that time.
0S12o what’s next for the dollar? Next up for the dollar is the 6 month low of 102.71 and below that the 52 week low of 99.93. What happens when the dollar breaks 99.93? And where do you think silver will be then?
I mentioned in one of my last articles what would be a better buy, silver or the stock market moving forward? The stock market is beginning to show cracks and silver is bouncing off of resistance a few times already. With the pullback in the dollar at a 3 month low, and very close to a 6 month low, the silver pullback today is a good time to add to or begin a position in silver. To sweeten the pot I have a sale going on that will help you make the decision to buy.
I am offering Generic Silver rounds at 50 cents over spot for till noon Thursday. I am also offering two other specials.
Buffalo Silver Rounds at $1.05 over spot. Gold bars in a Cert Card Holder at $18 over spot and Asahi Gold bars at $21 over spot.
With this low pricing I have to make the minimum purchase at $5,000, check or wire transfer. You can lock in these premiums at the current spot price anytime today or tomorrow through Thursday at noon. Premiums go back up to normal pricing on Thursday at noon, which that pricing is still guaranteed lowest.
My closest competitor has the silver rounds at 1.44 over spot for orders of 1500 ounces or more and 2.04 over spot for 100-499 quantity. You can see what a good deal this is. Check out any of my competitors and you’ll see this is the best deal out there by far.
But what will it take for you to make a purchase? Will it be the dollar below 102.71 or 99.93? Or silver over $35 an ounce which is the next stop before $50?
I have tried my hardest to write timely articles and I think even though the timing of the silver article in October 23 was good, this article is more important for you because the dollar is ready for a big drop.
And notice two other things? I asked what would be a better return, a CD at a bank or silver back when I wrote my first article since my hiatus in writing my next book. The answer is clear. The dollar has lost 2.69% and silver has gone up over 30%. When the dollar has lost 10% silver will be up over 50%.
The one issue that will become more and more prevalent in the future is banks are scrounging for money as is and the next failure will catapult silver in just a few days time. Last year 2 banks failing caused silver to move higher. My advice is to get some insurance on your U.S. dollar based assets including money at the bank and yes, in the stock market, with silver and gold and sit back and enjoy life.
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About Doug EberhardtDoug Eberhardt is a 28 year financial services veteran and precious metals broker selling gold and silver at 1% over wholesale cost. Doug has written a book to help investors understand how gold and silver fit into a diversified portfolio, how to buy gold and silver, and what metals to buy. The book; “Buy Gold and Silver Safely” is available by clicking here Contact phone number for Buy Gold and Silver Safely is 888-604-6534
Disclosure:
Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with capital you can’t afford to lose. This is neither a solicitation nor an offer to Purchase/Sell futures or options. No representation is being made that any account will or is likely to achieve gains or losses similar to those discussed in this outlook. The past track record of any trading system or methodology is not necessarily indicative of future results.
All trades, patterns, charts, systems, etc. discussed in this outlook and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author.