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Silver workup
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
traderdan.com / Dan Norcini / Silver finally managed to push through its upside resistance just above the $14.50 level this week and attracted some additional upside follow through as the US Dollar weakness brought on the macro trade ( Dollar down – BUY commodities). For that matter copper also rallied, as did platinum. Clearly the latter two metals are not moving higher based on signs of increasing demand but rather because of those macro trades just referenced. It is purely a matter of money flows related to the movements in the foreign exchange markets, especially considering that fact that the preference in the markets at the moment is generally RISK AVOIDANCE.
Thus I am unsure how far these rallies can carry without fundamental underpinning but as long as the Dollar remains weak, there is nothing preventing the macro boyz from goosing them higher. Think about it for a moment… the fear among traders and investors is slowly global growth and worries about insufficient responses from the Central Banks to combat it. IN that environment, one in which demand is lagging why would copper, platinum and palladium be moving up? There is no fundamental answer to that… it is related to money flows tied to movements in the currency markets.
The post Silver workup appeared first on Silver For The People.
Thanks to BrotherJohnF
Source: http://silveristhenew.com/2016/02/07/silver-workup/
