We stand at what could be the precipice of an incredible bull market in commodities, and we’ve already seen a number of agricultural commodities, energy, and base metals take off along with gold, but for this bull market to be succinct and real in all forms, it MUST expand to include silver, and we just received a very encouraging sign.
Last week, silver broke out to a two-year high, and the chart suggests the potential upside is $5/oz, which will take us over $30/ounce, a welcomed surge.
Courtesy: Zerohedge.com
If you measure the size of the range, you can see the support is set at $21.50 and the resistance is $26.50, which gives us a $5.00 range. This implies the length of the breakout could take us to $31.50 by the end of 2024.
What is making the surge higher in silver likely?
I want to look at oil first, which is silver’s greatest friend and most correlated asset class. When oil climbs, silver historically does as well.
Just a few days ago, the headless chicken currently in charge of demolishing Russia, Vladimir Putin, who will surely go down in history as the most childish and predictable failed emperor of the 21st century, saw how his country’s nonexistent air defenses have allowed cheap, non-military-grade drones and single-engine airplanes to crash into his oil refineries, and I think this will inspire many more attacks of this kind.
We should start seeing Russia have issues shipping crude oil since attacks on its infrastructure will become a daily occurrence not just by Ukrainians but by other oppressed minorities that despise the KGB mobster in charge of the country they don’t want to belong to.
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By the summer, oil’s price could be north of $100/barrel, but I don’t think it’s in the best interest of the other OPEC nations to increase output, so we’ll see two things happen:
- Clear inflationary pressures.
- Even more desperation from Moscow, whose strategy has so epically failed that they are now FULL-BLOWN SLAVES to the demands of Iran.
Who in their right mind would have predicted that Iran would turn Russia’s army in Syria into their proxy? What humiliation!
Rising inflation puts the Federal Reserve in an extremely weird situation, and it actually makes their entire assessment of reality look amateur after they’ve used every platform and each appearance they’ve made since November 2023 to declare that they’ve conquered it.
They’ve even said they will stop hiking it, but if inflation resurfaces and they choose to let it run hot, the market will be confused.
Rising interest rates on Treasuries, shrinking corporate profits, and higher commodity prices while the U.S. economy is booming and the rest of the world falters is as ideal for silver as it gets.
It’s time for silver. I’ve been right like a Swiss clock so far, and I expect to be right about SILVER as well.
Best Regards,
PortfolioWealthGlobal.com
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