RE: Breakout?21 Oct 2024 18:11
My post was as a result of yours Noel. I didn't think you were making a forecast, then neither was I. What I would like to see is silver holding and consolidating above $32, for a couple of weeks at least. Most of those predicting huge increase tend to be sellers of PM's. Put this up elsewhere a couple of weeks ago -
"Silver commentators, who are usually selling it, predict a silver deficit and large increases in value. So I went looking for the contrarian view point. Found a couple, who suggested so much has been mined, it can be reclaimed for further use, so there is no deficit.
One 'expert' picked up a statue of Ganesha, Indian elephant God, to save you googling it. 10 oz. of pure silver, but at current or even x2 prices will he be rushing out to scrap it for less than £200?
He spoke about a church altar in S. America, which has a ton of silver. Will the parishioners be ripping it out to sell it?
We don't have a Georgian Tea Set, but those that do will not be melting them down.
The truth is probably somewhere in between. $30 is good profit for most miners. $50 is not out of reach. Do doubt much more. "
We are currently at a good profit level+, how much more is anyone's guess/prediction.