Silver Is A Sleeping Giant - Time To Load Up

Gold last traded at $1,735 an ounce. Silver at $25.15 an ounce.

NEWS SUMMARY: Precious metal prices inched higher Wednesday on bargain-hunting despite a firmer dollar. U.S stocks rebounded as investors made bets on a strong economic recovery from the pandemic.

Seeking Alpha--"We have just passed the first anniversary of silver's elevator shaft ride to the lowest level since 2009...The spike low did not last for long. Silver was back over the $12 level in March 2020. In April, the price rose above $16 per ounce. May took silver to a high of over $18.50, and in July, the price eclipsed the level of critical technical resistance at the July 2016 $21.095 high. In 2020, silver reached a high of $29.915 per ounce, the highest price since early 2013....

The precious metal put in a marginally higher high when it traded to $30.35 on February 1. Silver was sitting below the midpoint of its 2021 trading range on Monday, March 22, as the precious metal is consolidating and digesting its gains over the past year....As we learned last year, when silver decides to take off on the upside, the volatile metal takes no prisoners....

The bottom line is that while the bullish sentiment has evaporated from the silver market, the price has not violated any technical levels that would jeopardize the overall bullish price trend....long-term price momentum and relative strength indicators continue to point to a bullish trend in the silver market....

Inflation is historically bullish for silver and all commodity prices...when rates move to the upside because of inflation, commodities tend to appreciate."