Silver’s Shining Star
Today I wish to touch upon something other than Bitcoin futures, and that is silver. For weeks I have contemplating how silver will likely reach $25 before gold reaches $1900 o Bitcoin reaches $11,000. This is because I believe silver is the most undervalued and also has the most upside potential in the near future.
Today alone silver futures are up over 6.5% on the day at $21.55. The real gain has been steady however considering that on March 18th silver was trading at $11 and change we can say that silver has basically doubled in three months! I for one believe this rally has not yet seen its course and we will continue to see silver rise faster in relationship to gold and Bitcoin for that matter.
Yesterday we talked about the dollar and how it has no were to go but down. I am predicting it will drop another 5% to 90 and possibly lower. The U.S. dollar is currently trading down 0.6% on the day currently at 95.14.
This is because if we look at a retracement from silvers all-time highs in 2011 to the lows in March you can see that we have just breached the 23% retracement ($20.47) and at the very least is on a direct path for the 38% retracement at $26.22.
With currencies set to devalue on a grand scale we will see a rise in the value of gold, silver and Bitcoin. But it will be silver that truly shines brightest and is on pace to reach $25 by the end of August.