TheDailyGold: Silver's Performance After Breakouts Will Surprise You...

Published: Wed, 05/29/24

Updated: Wed, 05/29/24

Wednesday, May 29, 2024

Good Morning!

Since Silver made its move to and through $29-$30/oz, it has crushed Gold. The Gold/Silver ratio has declined from 90 at the start of April to 73.

I looked at how Silver performed following all its breakouts and impulsive moves since 1970.

Of course markets are strong following breakouts. But even I was taken aback by Silver's post-breakout performance.

It runs red hot and pullbacks beyond the 50-day moving average are rare. Click below for my video analysis.

Silver Could Run to $50 Before Big Correction

We cover Silver's performance following the breakouts and impulsive advances of the last 55 years.…

Gold Overbought?

This chart is from @MacroOps. It marks the points where Gold was trading 12.5% above its 20-week moving average.

This certainly could mark a short-term peak but not every circle marks an interim peak. There are a few circles in 2005 and 2007 before more important peaks. And there is another one in late 2009.

Also, we are already one month past the circle. So another month or two of correction should not be a problem.

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Our philosophy is buy and hold good companies trading at good values with huge upside potential. I define value as something that could at least double in price in the next two years at current metals prices.

Quality has moved up in recent months so the value is not what it was back in March. But you can still favor quality. After the next leg higher, it will be more difficult.

As it pertains to Silver, four of our top six positions and four of our Top 10 Companies are Silver companies.

In TDG #883 we mentioned & charted six silver companies we don't own. I also mentioned my two favorite silver optionality plays.

In TDG #881 I wrote about a stock which might be the best buy right now based on 2-3 year potential (p7). It is a silver stock.

Here is what The Top 10 looks like with blurred text and other markings. But you can get a sense of it.

This is like Cliffs Notes for all our favorite companies. And all on a single page. Our watch list looks similar.

You want to be invested in the right companies for this bull market.

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Thanks for reading. I wish you all great health and prosperity in 2024 and beyond.

Jordan Roy-Byrne, CMT, MFTA

Publisher, TheDailyGold

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