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Silver Price Surges: The Good News and The Bad News

Today, the long ago forgotten other monetary metal finally broke through what was considered a key psychological resistance point of $35.00 per ounce. As these pages advised on April 12, 2024 once the price broke through $30 the pace of levitation to higher prices would happen swiftly. Now that this first key level has been breached, buckle up for what is next.

As one of my old radio listeners reminded me on X/Twitter today, the last time the price was this high, I was broadcasting on shortwave radio.

This brings me to the good news and the bad news of this breakout.

The good news is that once the next key level above $42 is blown through with volume, there’s very little to stop a breakthrough above $62 per ounce or higher.

The bad news?

If this breakout continues above $62 per ounce before the year is over, gold may well blow through my year end closing target range of $3,130 to $3,200 and it means the geopolitical and domestic situation economically is possibly heading towards Armageddon time.

At least will have hard money when the lights go out. Good luck with your digital play money.

Remember: If you can’t hold it, you don’t own it.

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