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Sunday, January 14, 2024 10:30:46 AM
By: Mish Schneider | January 13, 2024
Silver futures have been experiencing narrower ranges as well.
With higher lows since October, the recent support at $22.50 an ounce, if holds, could mean this week is the week we start to see this metal shine. A move above the 2 moving averages would be a start. In cash, a breakout over $24 should do it. In the ETF, that would happen over 21.75.
In the futures, the spot price had a mean reversion in momentum. Should silver get this follow through, the next big event will be if it begins to outperform gold. Then we'll know that this move in gold is not just a flight to safety, but, very possibly, that super cycle might be starting even a bit earlier than we thought.
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