We are speechless, really. What happens in the silver market is as unusual as it can be! This is the 8th breakout attempt in 12 months time. We have never seen this before.
Silver miners, the leading indicator for precious metals, show a pressure cooker setup on this SIL chart. After several false breakout and breakdown attempts we believe silver has done what it is good at: confusing both bulls and bears. In all openness, it confuses us as well.
Knowing that we are repeating ourselves this is, in a chronological order, what happened in the silver market in recent months:
We start sensing that silver is preparing a gigantic move. When it will come is the million dollar question. One thing is for sure: the longer it takes until silver will break out, the more spectacular the rally will be!
It could well be that it will take another 2, 3 or 4 attempts for silver to transition from bear to bull market. Maybe this 8th attempt is the real thing. We do not know, nobody knows.
What we do know, however, is that silver, at “a” certain point, will break out big time.
The silver price chart shown below shows the 8th breakout attempt that is ongoing. The tension and excitement in the silver market is unusual.
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