It’s all starting to sound like the global warming scam.
‘It’s only ten years before all the ice caps will be melted’. Problem is, it’s only been ten years for at least 40-years!
Which brings us to silver and the boogeyman of ‘hyperinflation’s just around the corner’. It could be the latest false narrative that’s not panning out.
At some point, the dollar will go to zero. That’s well understood by anyone with a modest amount of financial knowledge.
It’s what happens before that; that’s what’s important.
Not saying the premise is right. Just saying when there’s that much of a consensus (hyperinflation), it has a nasty habit of not coming to fruition.
As always, anything can happen. We could get hit with a solar flare or a massive volcanic eruption throwing everything out of balance.
Matter of fact, both of those are highly likely right along with a near earth miss, asteroid passing within 13,000 miles … tomorrow.
In the meantime, we’ll focus on typical market behavior.
The last update stated: “Barring any additional upside, the expectation is for price action to retrace and test the wide, high volume chart areas.”
Fast forward to now. There was just one more blip higher before silver began its correction in earnest. This is normal and expected market behavior.
The chart shows there’s potential to go all the way back to support levels at the 17-area.
However, it’s also possible we’ve seen a top and silver’s headed to new lows (time stamp 3:10); That’s completely opposite the consensus and potentially a more likely result.
Charts by StockCharts