Gold & Copper Hit RECORD HIGHS! (Silver’s Next Move Will Be MASSIVE)

Summary

In this video, Smart Silver Stacker discusses the current state of the precious metals market, focusing on silver's potential for a major breakout. With gold hitting all-time highs and copper breaking records, silver is nearing a crucial resistance point around $34. Using Elliott Wave theory, the speaker predicts a strong move higher for silver, potentially reaching $38-$40. He also highlights the gold-to-silver ratio and the potential for a short squeeze in silver due to physical metal shortages. The video urges viewers to stay informed and avoid costly stacking mistakes as silver's breakout seems imminent.

Takeaways

• 😀 Gold price has reached a record all-time high of over $33,000, signaling strong market momentum.
• 😀 Silver is currently facing a key resistance level around $34, with a psychological barrier preventing further price increases.
• 😀 The recent move in the gold and copper markets highlights the growing strength of precious metals, while silver has lagged behind.
• 😀 Technical analysis suggests silver is in an Elliott Wave impulse pattern, currently in its third wave, which is expected to be the strongest and lead to significant price gains.
• 😀 The price of silver could break through the $34 resistance level and surge towards $38-$40 in the near future.
• 😀 Factors like geopolitical instability and economic data, such as cooler inflation prints, could trigger a silver breakout.
• 😀 There is a structural deficit in the silver market, with demand outpacing physical supply, which could further propel the price higher.
• 😀 Shorting in the paper markets is a concern, and a breakout above $34 could lead to a short squeeze, driving silver prices even higher.
• 😀 The gold-to-silver ratio has risen above 90, historically suggesting silver is undervalued compared to gold and could see substantial growth.
• 😀 The silver market is setting up for a major breakout, with analysts predicting that it will soon move significantly higher, potentially surpassing previous highs from 2011 and 1980.
• 😀 Despite current low premiums in the physical silver market, retail investors are largely ignoring silver, which could present a buying opportunity ahead of a major price increase.

Q & A

What is the main focus of the video?

The main focus of the video is to discuss the current state of the silver market and why the silver price is on the verge of a major breakout, while also highlighting the performance of gold and copper.

What is the significance of the $33,000 gold price mentioned in the video?

The $33,000 gold price is significant because it marks a new record all-time high, reflecting the ongoing strength in the precious metals market, which sets the backdrop for analyzing silver's performance.

Why was silver in the red on the day the video was recorded?

Silver was in the red because it faced psychological resistance around the $34 level, which served as a major point of resistance, despite the overall bullish trend in the market.

What was the key reason for copper's price movement in the video?

Copper's price surged by 2.35% on the day the video was recorded, reaching a record high, which was highlighted as another indicator of the strong performance of commodities, alongside gold and silver.

What is the Elliot wave theory, and how does it relate to silver's price movement?

The Elliot wave theory suggests that price movements occur in a series of impulse waves followed by corrective waves. In the context of silver, the video describes how silver's price has been following this pattern, with waves one through five driving prices higher.

What could be the potential trigger for silver's breakout above $34?

The breakout above $34 could be triggered by geopolitical events, such as instability in the Middle East, or economic factors like a cool inflation print from data releases like CPI, PCE, or PPI.

What role does shorting play in the silver market, according to the video?

Shorting, particularly naked shorting in the paper markets, is seen as a factor that could be suppressing silver's price. If silver breaks through the $34 resistance level, it could trigger a short squeeze, pushing the price even higher.

What is the gold to silver ratio, and why is it important?

The gold to silver ratio compares the price of gold to silver. A high ratio indicates that silver is underpriced relative to gold. In the video, the ratio is above 90, suggesting that silver is still undervalued and could catch up to gold in price in the future.

How does the video suggest the silver market might perform in the near future?

The video suggests that silver is likely to break through its $34 resistance level soon, potentially reaching prices between $38 and $40, driven by both technical factors and potential market catalysts.

What historical context is provided about the gold to silver ratio?

The video highlights that historically, the gold to silver ratio has been much lower, such as during the 1980 and 2011 silver bull markets. The current ratio being above 90 indicates that silver is still in a period of undervaluation compared to gold.