Silver's Potential Breakout

Above, a 1921 Morgan dollar (graded AU). Photo by Armand Vaquer.

The current COMEX spot price for silver is at $32.705. Earlier today, it did briefly breach over $33/toz.

On Monday, it did breach $32/toz for ten hours, the highest level since the November elections.

This like silver is finally getting its due on the spot price market. I'm glad I bought a lot of silver coins while the spot price was in the $20 range.

According to Kitco News:

(Kitco News) – Spot silver gained 4.6% in 10 hours on Monday to top out at $32.268 per ounce, its highest level since precious metals sold off following the U.S. election in early November. According to Eran Tal in the Jerusalem Post, the gray metal is being supported by bullish technical patterns, declining SLV short sales, and rising industrial demand, and a break above key resistance levels could trigger a powerful rally.

Tal said silver’s break back above $32 shows renewed optimism for the precious metal.

“While this surge has drawn fresh attention, it aligns with a broader trend of emerging bullish signals that could pave the way for further price gains,” Tal wrote. “Investor sentiment toward silver has been notably pessimistic in recent months. Ironically, this negative sentiment is proving to be a reason for optimism, as contrarian market dynamics often see silver bounce back during such times.”

He said that several technical and market-based indicators suggest silver may be on the verge of breaking out of its recent period of consolidation.

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