Segment 1: Tienes Bitcoin? SEGMENT BEGINS AT 00:43 El Salvador has passed the “Bitcoin” law, requiring businesses to receive Bitcoin as legal tender. In this big shift with big geopolitical implications, the U.S. dollar is getting a run for its money...
SILVER HITS 6-YEAR LOW
CHART: Silver Price Analysis – August 26, 2015
However, my appreciation for the protective qualities of precious metals does not blind me to the trends that drive them. At heart, I am a trend investor and trader. Charts don’t have opinions and don’t tell lies. Instead, price and volume on a chart represent stubborn facts that only the most foolish investor would ignore.
With that in mind, consider today’s chart of silver. Silver, which has technically been locked in a downtrend since peaking out in April 2011, continues to face fierce headwinds and may have more downside ahead. Currently, the major price level on silver to watch is $14.50. Since July, silver has been finding support at that level. But amid the recent global market selloff, silver dove well below that support level and now sits at six-year lows near $14 per ounce.
The bullish fundamentals undergirding silver make the current price compelling. However, I will wait to add to my current holdings until I can see silver attempting to a new uptrend. For now, silver (and gold for that matter) are trying to find their way amid the current market mayhem.
When the price of silver begins to move higher on stronger volume, I will jump aboard.
P.S. Subscribers can view all of our latest Market Barometer chart analysis here. We have the best customer satisfaction guarantee on the web, so you can feel free to try any of our services risk-free!
Bankruptcy of our Nation: Now in Audiobook Format
— Paid subscriber access only —
View our Plans and Pricing here
Real-Time Market Update
(Courtesy of Finviz.com)
- U.S. STOCKS SOAR. U.S. stocks posted their best day in almost four years, rebounding from a six-day slump. (Forbes)
- OIL CONSOLIDATION. Schlumberger Ltd., the world’s largest oil-field service company, said Wednesday it would buy smaller rival Cameron International Corp. for $12.7 billion in cash and stock; Cameron’s stock soared 41% on the news. (WSJ)
- HYPERINFLATION RAVAGES VENEZUELA. Many Venezuelans have to carry wads of cash in bags instead of wallets as soaring inflation and a declining currency increase the number of bills needed for everyday purchases. (Bloomberg)
- LOONIE IN FREEFALL. The Canadian dollar recently dipped below 75 cents as equity markets worldwide remained extremely volatile. That’s the lowest level the loonie has been against the U.S. dollar since 2004. (Globe & Mail)
Featured image courtesy of: rozdesign / Shutterstock