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Silver’s “Surprise” Run

the precious metal is hot
 
   
     
   
 
APRIL 5, 2024
   
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PROSPERITY PUB MARKET TALK
Silver’s “Surprise” Run
 

Silver’s been on a remarkable run, up 25% from its lows in January.

The precious metal’s rise was a surprise to many, but not our resident commodities expert, Geof Smith.

Geof has been beating the drum about another precious metal — gold for several months now.

And when gold finally had its breakout moment back in February, one of the first things Geof told us was that for gold to go higher (and he forecasted it would), silver would need to start cooperating.

Well, say no more, silver has definitely started playing along.

It's finally surpassed its February 2022 high, a significant milestone.

Here's what Geof sees for silver next:
 
• Potential for further gains: With gold and copper on the rise, silver could be pulled even higher.
• Resistance levels to watch: The next major hurdle for silver futures is around $30.35. For the popular SLV silver ETF, the next obstacle is at $28.
• Silver miners catching up? The silver miners ETF (SIL) is lagging behind compared to silver itself. If silver breaks through resistance, the miners could see a surge to catch up, potentially reaching their February 2022 high of $40.29.
• Support levels in case of a pullback: Even after a strong run, there's always a chance for a temporary dip. If that happens, silver could find support around $26.30, with a stronger support zone at $24.30 (the 2023 opening price). Geof even mentioned the possibility of silver finding support as low as $24.05, its January 2023 starting point.

As far as possible trade ideas, Geof tells us buying SLV at market price (currently around 25.08) and setting a GTC (good-till-cancelled) sell order at its next significant resistance point of $28 could yield a nice return.

If you take this trade, don’t forget to set your stops at one of the support levels Geof gave us, above.

— The Prosperity Pub Team
 
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SCOTT WELSH’S ANATOMY OF A GREAT TRADE
Anatomy of a Great Trade: GE
 

There’s a place to go for big winners that almost no one thinks about.

And that place is The Has-Been Bin.

When old stocks finally fall and sputter in the gutter, most people forget about them.

But old names still have names. And a new catalyst can lead to a massive move fueled by “I told you so!” investors.

An example of that is GE (GE Aerospace). It used to be a stuffy old company, but it’s made some dramatic transformations to the company.

And it’s taken off. 

Here’s the chart:
 
 

For years it did nothing but fall into obscurity. 

Then in January 2023, it closed two consecutive months above the 12-month simple moving average and could’ve been a buy at $52.31.
It’s now trading at $153.

And is still going.

It’s good to keep old boring stocks on our radar.

They might become monsters again.

Happy trading,

Scott
   
 
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