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Bullish Silver Long Term? Hell Yes!
Am I bullish silver long term? The answer is Hell Yes! In the short run though, I think the path of least resistance could be lower.
Looking at the weekly chart above, prices appear to be breaching a trend line that has supported since late 2008. We should know more depending on the market action the next few sessions but if futures close under $26/ounce I think at a minimum prices challenge $24.
I’m not brave enough to take a short futures in silver with clients currently, but there are a number of bearish option trades that I could present depending in your exact risk tolerance. A combination of trading divergent months and writing options could make it a complex trade but to take advantage of a possible $15,000 meltdown in the futures market may be worth a little risk in my opinion.
Honestly I would be more eager to set up a buy target from lower levels for my clients looking longer term.
By Matthew Bradbard